Snapchat, the photo messaging application famous for its time-adjustable receipts, has entered the market of digital money transfers.
The company's developers have announced a new partnership with Square, a payment service application, allowing users to send money to each other through electronic debit card transactions.
"Today is a big day for us - we are launching our first product created in partnership with another company. We're huge fans of the folks at Square and have been big admirers of Square Cash since it launched - just type a dollar amount into the subject line of an email and send cash to friends," Snapchat officials wrote in a statement.
"The product you're seeing today is fast, fun, and incredibly simple. After you enter your debit card, it's securely stored by Square, who will swiftly process your payment and send cash directly to your friend's bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button."
The start-up's new endeavor has been seen as a way to enter the burgeoning field of mobile-to-mobile payments, which an increasing amount of banks have begun to include in their electronic applications.
According to the company's statement, Snapchat users looking to make financial transfers must sign up with Square in order to secure debit card information.
The program has been announced solely for the United States.
