Are You Getting What You Paid For?


As if the picture/video sharing app didn’t get enough flack for being the perfect platform for nudes, Snapchat now allows you to theoretically pay for them. On November 17th, the popular social app made it’s “loud and cheesy” entrance into the peer-to-peer mobile payment realm.

And before we question why Snapchat is choosing to compete with other platforms like Venmo and Paypal for money sharing, we first should consider how many security breaches the app has suffered recently.

Need you be reminded of last month’s scare when users “private” photos were hacked and posted to 4Chan. So would you really want to be trusting this platform with your money?

SIDENOTE: Though Snapcash is run through Square and they are supposedly the ones keeping track of sensitive credit or debit card information. Basically, any user who creates a Snapcash account is also creating a Square account so they can rely on their information being secure. Snapcash is marketed as a faster and more fun means of peer-to-peer payments.

But let’s go back to thinking about how Snapchat’s negative reputation is that it’s a conduit for risque photos.

Risque/ephemeral photos + Snapcash payment = …….prostitution??

I don’t know about you, but this seems like this hasn’t properly been thought out. s-01redflag300

We’ve made so many technological advances that it’s now possible to immediately transfer money into someone else’s bank account with a few touches on a screen. So sure, it seems like a logical step in our fast paced, millennial world to have a one-stop-shop application to not only communicate with friends (via vanishing pictures, videos or through chat) but then be able to have a simple way to make good on that IOU. But I’m just not sure that Snapchat is really the right platform for such activity.

Snapchat is a lighthearted way to communicate with friends and let them know what you’re doing. Personal finances are a little bit more serious and I think should be treated as such. I just don’t see how a snap of me pretending to be asleep in class (captioned “SOS BORED”) should be followed by a monetary transaction. Isn’t there some saying about mixing business with pleasure?

And to clarify: peer-to-peer payments aren’t my problem here. My friends use Venmo all the time and not only do they seem to have trust in the security of their personal financial information being shared between phones, they like how easy it is to give and receive money. So yes, maybe Snapcash is the next logical step in this millenial peer-to-peer world, and maybe Snapcash is secure. Maybe users have nothing to worry about, because fundamentally, is Snapcash that much different from putting your debit card information onto the internet for online shopping purposes?

I think that the real issue (if there even is one) is the fact that it seems like too logical a jump to start asking Snappers to send money for photos. Seems like a bad drunk decision waiting to happen.

The ultimate chesse:

Emily Lowe @emily_kate28


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