Snapchat partners with Square, a mobile payment service company, to introduce Snapcash. How it works? You can swipe your friends name, type in the amount, press the green button and money will be transferred to your friend. A debit card is attached to your square account, when you sign up for Snapcash. The spokes person for Snapchat said its safe and secured.  Snapchat is going to become a big competition to online payment platforms such as Paypal and Venmo says Jason on his blog on Snapcash.  The online payment sector is booming, which I feel its yet to be tapped properly. Players in this sector already make money via commission from various companies, however, it only consists of few big players. Snapchat is definitely on its way to becoming one of the key players.

The biggest advantage that Snapchat users get is ease of payment. In today’s competitive business environment, when businesses are trying to create value for customers, introduction of Snapcash has just defined that expectation. The new method of online payment can go beyond just money transfers among friends. In my opinion, just like twitter introduced a buy button, Snapchat should allow a buy option using Snapcash. In my opinion, Snapchat can suggest advertisements to users (through pulling information from past search history in Amazon etc) and allow the users to watch a video of the product. If the user likes it, they should be able to buy it easily using Snapcash in a click.

https://www.youtube.com/watch?v=kBwjxBmMszQ

Although my thought is futuristic, tying search history with Snapchat advertisements and using Snapcash as a method of payment to buy products can be very useful, as it focuses on easy customer accessibility and interactive forms of product engagement.

Source: http://blog.snapchat.com/post/102895720555/introducing-snapcash
              http://mashable.com/2014/11/17/snapcash/