Snapchat just announced their partnership with a payment service called Square. This partnership will allow people to transfer money over the popular app, Snapchat. While it seems like they are trying to leverage associations of instant and immediate, will Snapcash actually work?

Photo taken from Google Images.

Snapchat could make this work only if security issues were completely addressed. The biggest concern people have would be making sure their money gets to the right person and the possibility of someone hacking into their account is completely eliminated. The ability to instantaneously transfer money to someone hassle free may be enticing, but the risk of having your money stolen is the behemoth that Snapchat needs to overcome.

In my mind, no matter what Snapchat does, people will not be able to trust this app with their money. If people already make mistakes about sending the right snap to the right person, what more can people trust this app with their money.

Overall this business plan has the greater potential to fail miserably than to make Snapchat successful. The Snapchat app itself makes pictures disappear after a preset amount of time, how can people trust Snapchat to not make their money disappear either?

The full article can be viewed here.