Snapchat has unveiled its new service of money transfer Snapcash appointed through a special advertising. The service is integrated into the application, and is powered by Square.

So the rumors were true. Snapchat has indeed launched its mobile payment service, or rather transfer of money. This confirms what we had seen in July, with documents and patents filed with the authorities of Commerce of the United States under the brand Snapchat. Now it’s official, and Snapchat presented Snapcash, a money transfer service directly integrated into its mobile application.

You may have Snapcash without even knowing it. The update has been deployed in the night and the service is already accessible. It was developed in partnership with Technology Square, which is well known since the firm’s products include magnetic credit card reader, and soon smart card that connects directly to the jack port smartphones to complete a transaction . The process is less cumbersome Snapchat: once registered Square and age validated, the user can open the instant written discussion with the person they want to send money, and indicate the amount required, preceded by the symbol “$”.

Snapchat is anyway hastened this niche that will truly become a must in the coming months. We also know that Mark Zuckerberg hopes to launch a service roughly equivalent in shortly after recruiting David Marcus, the former director of PayPal. Twitter, meanwhile, launched a similar service in partnership with the bank BPCE and its S-Money service: it also allows only in France at the moment to make a quick money transfer to a contact also equipped with S-Money.

Albert Palacci is passionate about gadgets and everything connected with technology, he is writing for several online magazines and websites, also you can check his Pinterest and you can find more about him on his SlideShare or Academia profile.