SnapCash- Newest Payment Option?

http://techcrunch.com/2014/11/17/snapcash/

Do you think this could be implemented into Sythe's market? What a step up for Snap Chat. Quite handy tbh.

 

It would be handy, depending on how they deal with fraud and chargebacks and stuff.

 

"I saved that nekkid picture of you, send me $15 now..." Hey - SO convenient!

 

I believe it's debit card so it'd be like a bank transfer?

 

If a person is willing to share their face and send money at the same time, it seems both safe and trustworthy.

 

Agreed.

I've also seen some insecurities with this. One of those being someone just getting onto another users phone and sending money via this new function.

 

Seems like a cool way to send cash to friends, I like alternative payment methods. Obviously you'll be able to set a PW or PIN, and there will be fraud protection etc.

 

That's what I assumed. However, by the quick video I saw, it seemed you just had to type in a message on SC '15$' and it sent.

Probably more to it than that.

 

Yeah, there is no way they'd release it without a pin. I've been using google wallet over paypal and it works in a similar way. You can use it as a debit card, one click sending online, and attaching money to an email that gets refunded if they don't claim it.

 

Interesting, just opened my SnapChat and it doesn't work yet.

It won't let long though, I don't think. With Online banking apps, PayPal apps, Google Wallet apps... Money transactions are only just a 'poke' away already.

 

exactly. This is pretty impressive. Super easy to send money as there is no long verification etc.

 

It's pretty awesome, but I bet any sort of fraud protection ect. will be slim to none, as in charge-backs will be hard to win and SnapChat probably won't care to mediate them. Would be interesting to test out with a small payment to someone .

It's defiantly a super interesting idea, similar to www.venmo.com who's primary function is just sending money via linked bank accounts, wouldn't be surprised if Snapchat was inspired by Venmo's success.

 

The minimal likelihood of a chargeback is what interests me in this new feature.

 

Hmm? If you're only going to use it to send friends money then I guess so. But you might as well just use Paypal if it's somebody you trust so much that there is a minimal likelihood of a chargeback.

 

This is linked between debit cards. You won't be able to chargeback with that. Who knows though.

 

Meh.. I wouldn't even trust them with credit information though lol. They did get 100k+ pics/vids leaked just because some people wanted nudes.

 

"Hello Mr Bank Staff, I see some suspicious charges on my bank statement to 'SnapCash'? I've never heard of this and didn't authorise these payments, please help me get my money back!"

 

If all it takes is typing $100 and clicking send....
Imagine having this convo with someone:

Buyer: hey
you: hey
buyer: can you still sell some gold?
you: sorry, I just sold all my stock
buyer: how much did you get for it?
you: $600



AAAANNNDDDD you accidentally sent $600 to him.

 

Lol guarantee there's a little more to it than that. Snapcash is cool but I don't think it offers much new value to Sythe users. It's only available within the US, and only through debit. You can send people money through debit on Paypal already, and there are less constraints (country, payment method).

SnapCash money will be subject to reversals in the same way as Paypal money. It will also have fees on either the buyer or seller side.

 

Surprisingly I'm pretty sure that is how you send money on it, just a $ and the amount followed.