Snapchat now lets you “snap” money to your friends and I think it’s a very convenient, but terrible idea. The new service is called Snapcash and I’m not into it. Snapchat has had a ton of security issues in the past, including: usernames getting stolen, pictures getting leaked and accounts being hacked. Why would anybody trust Snapchat with their money?
To be completely honest, I think this is an amazing idea. It would be so convenient, easy and helpful to be able to simply snap money to a friend. As nice as it would be, however, Snapchat clearly doesn’t have the security to keep user’s information safe.
All I can keep thinking about is how easy it would be for me to go onto someone’s phone and send myself money. I would never do it, but many people would and, for that, I don’t think it’s a good idea.
The only thing about this new product launch that was well thought-out was the fact that Snapchat is using Square to power the money transfers. Square is a reliable and trusted online banking service and I would definitely feel safe having my money and financial information shared with them. However, the piece I can’t get on board with is the delivery method – Snapchat. I barely trust Snapchat to securely send my picture to my friends, let alone transferring money on it.
For me, it makes much more sense to go to an ATM and take out cash. Although it’s much less convenient, I know it will keep my money safe and that is more important to me than convenience.
Snapchat isn’t the first application that lets you send money wirelessly. Mobile banking applications from Chase and Bank of America have allowed you to do this for a few years now. I would much rather send my money through my bank directly to a friend’s bank than send it on an application that was created to send naked pictures and selfies.
Let’s be honest about this. Will I use Snapcash to send money? No. Will other people use it? Yes.
I know lots of people probably feel the same way. However, we all know that Snapcash will catch on and pretty soon everyone will be using it. Most people don’t share the same sentiment I do about security over convenience. Most people will change the way they do things in a nanosecond if it makes their lives more convenient and that is a scary fact.