Kendall Beyeler | @ifyouckb
With more peer-to-peer payment options becoming widely available, money has never been more simple, painless, and in some instances, invisible. Payment options such as Square Cash, Snapcash, and Level Up are transforming e-commerce platforms and building a seamless experience for the customer.
Square Cash is an impressive app that requires the bare minimum effort from the consumer. Two elements, the payer and payee connect with an email address and a debit card and enter the dollar amount you’d like to send. The payer hits send, and the money is transferred directly into the payee’s bank account. Square Cash has taken complication out of the transaction process. Brian Grassadonia, head of Square’s Cash team stated “We wanted to strip out all of the steps that complicate other peer-to-peer payments services: no multiple verification steps, no entering checking account and routing numbers, no passwords, and no need for separate financial account to act as repository for all transactions.” Square Cash is creating a unique and memorable experience that allows users to digitally send cash to whomever, wherever, and whenever.
Square is not the only service that allows peer-to-peer payment. One that will sweep the millennial generation is the new feature on Snapchat, introducing: Snapcash!
Snapchat partnered with Square this past Monday to announce their new payment feature that allows its users to send money to each other. Sending money via Snapcash prompts users to link their debit card with a Square account to send money to any friend initiated within a chat on Snapchat. Users have the option to type the dollar amount into Snapchat’s screen, which turns the send button into a green dollar sign. The second option is to send money using the “swipe-to-send” feature that essentially allows the user to make it rain. Karissa Bell, Author on Mashable recently reviewed Snapcash and reported, “The app places limits on how much money can be sent and received. When first using the feature, users are limited to sending $250 a week, though that limit can be raised to as much as $2,500 “in most states,” according to Snapchat.”
Similar to Square Cash, the payment process has been transformed into an effortless experience. A question that has not been answered is that is Snapchat an appropriate platform to use? Snapchat is used as a means of communication with friends; a platform to send images that you know will disappear. Is Snapchat veering away from their audience and making the application too complicated now?
On the other hand, these peer-to-peer payment services eliminate the hassle of having to split bills or paying back a friend after borrowing money. These are new ways to solve the IOU crisis immediately. As a bonus, there is no need to worry about if you’re money is safe (due to Snapchat’s security breach and reported theft) all transactions via Snapcash and all debit card information is securely handled and stored by Square.