Snapchat has become one of the best ways for me to keep in touch with my daughter in college. Now, she is an avid Snapchatter, much to the dismay of her roommate, whom she secretly snaps all the time. And now, I can send her money through the app on my iPhone (#shewouldlovethat!).
Snapchat unveiled its first foray into eCommerce with Snapcash on Tuesday. I got a message from Snapchat and the video below was the message. It shows a teenaged brother and sister buying their mom a gift and then the sister pays the brother back using Snapcash. Of course, then the video breaks into a song and dance about the feature… literally.
Since tens of millions of people are on Snapchat, Snapcash has a great launching pad. It’s powered by Square Cash which is comforting since Snapchat has had security problems in the past. And you can tie your Snapchat account to your Visa or MasterCard debit card. Just by typing a $ in the chat function, Snapchat will know you want to send money.
Person to person payment is the first step, but evolving this to business and consumer will be the next. Imagine getting a snap reveal of a new product, perhaps the next hot toy, book, music release or mobile device and be able to buy it on the spot. That will be the future.
So keep an eye on Snapcash, it may be the next way you do your holiday shopping in 2015. Will you try Snapcash or will you continue to just put a check in the mail?