Snapcash - pay mates via Snapchat. Yes? No?

Just launched in the States today - a partnership with Snapchat and Square letting you pay your Snapchat friends via the app. What do you think? Safe? Easy enough to do via a banking app anyway? 

Looks pretty slick and easy and will be great for flicking money between friends.  Google tried a similar thing a while ago where they let you send money via email.  The world of payments is a prime target for disruption and anything that makes things easier for customers has to be good - as long as it’s safe. 

So I have to trust them to delete and forget my photos, but securely store my bank details? Hmm.


They are partnering with Square but suspect perception of Snapchat might put people off.

Trust is the key thing that will ultimately over-rule convenience (IMO), especially when credit card and bank account numbers are involved. There is something to be admired in the way they have made it so simple though, that as a bank we can take on board and make things we think are already simple even easier.

Like any of these innovations they will only succeed here in NZ if they are backed up with mass adoption. Snapchat is awesome and I use it, but it’s one of my smallest social networks. If I look at my Payee list in YouMoney not many of those people are on twitter or Snapchat or vine or instagram. Adding payees and paying them easily still feels best suited to living in my BNZ mobile app, but maybe I’m just old-fashioned.

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