After months of rumors and speculation, the 10 billion dollar valued Snapchat is finally diving head first into the world of mobile payments. Announced moments ago in a blog post, an update to the everyone’s favorite self-destructing messaging app will soon allow users to quickly and easily send each other cash by connecting a debit card to their account.
This was all made possible thanks to a partnership with Square, a startup that pioneered the idea of sending money between 2 people using little more than a smartphone. Square will be handling all the financial information, while Snapchat initiates the transfer of funds with the user simply typing a dollar sign ($) followed by the amount of money they’d like to send.
Given Snapchat’s huge teen demographic, it’s not like just anyone will be able to send money. Snapchat is initially limiting the new feature to those who are over the age of 18 and have a debit card. You can check out Snapchat’s bizarre announcement video down below.