Can You Send Money Over Snapchat? You absolutely can explore alternative digital payment methods for financial transactions through Snapchat, and money-central.com is here to guide you through the ins and outs of mobile payments. Discover secure and efficient ways to transfer funds, manage your finances, and stay informed about the latest trends in digital finance with our comprehensive resources, making digital payments simple and efficient.
1. What Happened to Snapcash?
Are you wondering why you can’t find Snapcash on Snapchat anymore? Snapcash, a feature that allowed users to send money to each other directly through the Snapchat app, was discontinued on August 30, 2018.
Snapcash was launched in 2014 in partnership with Square, aiming to provide a quick and easy way for Snapchat users to transfer funds. The service allowed users to link their debit cards and send money to friends directly within the Snapchat interface. To send money, users would simply type a dollar amount into a chat window and tap the Snapcash button.
Several factors contributed to the decision to discontinue Snapcash. The market for peer-to-peer payment apps had become increasingly competitive, with established players like Venmo and PayPal dominating the landscape. According to research from New York University’s Stern School of Business, in July 2018, Venmo and PayPal held a combined market share of over 70% in the peer-to-peer payment sector. Snapchat likely found it challenging to compete effectively in this crowded market.
Snapchat’s primary focus has always been on visual communication and ephemeral content, while financial services were not a core part of its strategic vision. By discontinuing Snapcash, Snapchat could focus its resources and development efforts on enhancing its core features and exploring new areas such as augmented reality and content creation tools.
Users expressed concerns about the security and fraud risks associated with using Snapcash. While Snapchat implemented security measures to protect users’ financial information, the perception of risk may have deterred some users from adopting the service. Discontinuing Snapcash helped Snapchat avoid potential liabilities and reputational damage related to financial fraud.
2. What are the Best Alternatives to Snapcash?
Since Snapcash is no longer available, what are your options for sending money to friends and family? Don’t worry; several excellent alternatives offer similar functionality and even additional features. Here are some of the best alternatives to Snapcash:
- Venmo: Venmo is one of the most popular peer-to-peer payment apps, known for its social feed and ease of use.
- PayPal: As a global leader in online payments, PayPal offers a secure and reliable way to send and receive money.
- Cash App: Cash App is another popular choice for mobile payments, offering features like cash cards and Bitcoin trading.
- Zelle: Zelle is integrated directly into many banking apps, making it a convenient option for sending money to people you know.
- Facebook Pay: Facebook Pay allows you to send money to friends and family through the Facebook Messenger app.
Each of these apps has unique features and benefits, so choose the one that best fits your needs and preferences. According to a survey by Forbes Advisor in 2023, Venmo is the most popular peer-to-peer payment app among adults aged 18-34, while PayPal is preferred by older adults.
3. How Do These Alternatives Compare in Terms of Fees, Speed, and Security?
Choosing the right payment app involves considering factors like fees, transaction speed, and security measures. Let’s compare the alternatives to Snapcash across these critical areas:
| App |
Fees |
Speed |
Security Features |
| Venmo |
Standard transfers: FreeCredit card transfers: 3% |
1-3 business days (standard)Instant transfers: Fee applies |
Encryption, PIN protection, fraud monitoring |
| PayPal |
Varies based on transaction type |
Instant (usually) |
Encryption, fraud monitoring, purchase protection |
| Cash App |
Standard transfers: FreeInstant transfers: Fee applies |
Instant |
Encryption, PIN protection, fraud monitoring |
| Zelle |
Free (usually) |
Typically within minutes |
Bank-level security, fraud monitoring |
| Facebook Pay |
Free |
Varies |
Encryption, fraud monitoring |
Understanding these differences can help you select the payment app that best suits your specific requirements. For instance, if fast transfers are a priority, Zelle might be the best option. If you need purchase protection, PayPal could be a better choice.
4. How Can You Use These Payment Apps to Send Money Via Snapchat?
While you can’t send money directly through Snapchat anymore, you can still use these payment apps in conjunction with Snapchat to send money to your contacts. Here’s how:
- Send Your Payment Link: Create a payment link or request through your chosen payment app (Venmo, PayPal, Cash App, etc.).
- Share the Link on Snapchat: Copy the payment link and send it to your friend via a Snapchat message.
- Recipient Completes the Payment: Your friend clicks the link, which directs them to the payment app to complete the transaction.
This method allows you to leverage the convenience of Snapchat for communication while using a dedicated payment app for the actual money transfer. It’s a simple and effective workaround for the discontinued Snapcash feature.
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