Snapchat just added money transfers with Snapcash
Snapchat with it’s more than 100 million monthly users, has just entered the money transfer business with their latest addition Snapcash, following the recently launched Apple Pay by Apple. And that’s something that will be interesting to follow. The creditcard as a physical object is now rapidly being replaced by different mobile payment solutions. What happens when Facebook does the same with it’s 1.3 billion users?
In Denmark, where I’m from, a lot of local shops and small businesses where quick to adapt that technology. In fact it took less than 6 months for both businesses and private people to adapt this new way of handling payments through their mobile phones and devices. Now 2 years after the initial introduction more than 25% of the entire population uses it. We use it for buying stuff in shops and flee markets. We use it for shopping online. We use it when splitting the cost between friends after a night out and we use it for collecting money for gifts in the office. I have seen small businesses replacing older expensive payment systems with mobile payment and they’re up and running within seconds. It just works! Hassle free.
In Africa they have been using similar technology for as long as 10 years now simply because it has been cheaper to implement and maintain than traditional banking.
I think that this is going to replace the physical cards as quick, if not quicker, than iPod and MP3 replaced the CD’s.
Read more from Snapchat: Introducing Snapcash