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Introducing Snapcash

blog.snapchat.com

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Re: Introducing Snapcash

#181

Post by kedean »

TazeTSchnitzel wrote: post #101
crazypyro wrote: post #61

Earlier quoted context omitted.

Its age requirement + debit card. I think that is a fairly effective blocker. At the very least, it'll almost completely stop any chance of children under 15-16 from joining the program and sending/receiving money. There will always be chances of abuse with any platform that allows sharing. I just don't understand how this announcement is anymore scary than other social media adding into social payments, except for t…

> Its age requirement + debit card. I think that is a fairly effective blocker. At the very least, it'll almost completely stop any chance of children under 15-16 from joining the program and sending/receiving money. Can under-16s not get debit cards in the US? I know they can get them here in the UK, I got one when I was 14, IIRC.

I believe you need the account to be co-owned by a parent until you are 16. I know that when I was under 14 with a paper route and needed a checking account (early 2000's), I needed my mother to be on the account as well. While that doesn't prevent shit in terms of underage users here, at least parents who know and watch out for this can check and know that their kid is using it.

Re: Introducing Snapcash

#182

Post by [deleted] »

crazypyro wrote: post #35
edkennedy wrote: post #16

Earlier quoted context omitted.

I predict that use and paying a local drug dealer will be the primary use in the demographic they go for.

I can't imagine any drug dealer would want to put their transactions into a bank account, at least if they sell anything more than casually.

[deleted]

Re: Introducing Snapcash

#185

Post by clarkm »

kibibyte wrote: post #108
TazeTSchnitzel wrote: post #101

Earlier quoted context omitted.

> Its age requirement + debit card. I think that is a fairly effective blocker. At the very least, it'll almost completely stop any chance of children under 15-16 from joining the program and sending/receiving money. Can under-16s not get debit cards in the US? I know they can get them here in the UK, I got one when I was 14, IIRC.

An anecdote: at least when I was growing up, I didn't notice anyone under 18 with a debit card; most people used cash for purchases or borrowed credit cards from their parents when they wanted to go shopping on the weekend. That said, I don't know if there are regulations here in the US concerning debit card age requirements, but from a cursory glance of a few US banks, it looks like children under 18 are allowed to…

Yep, I got a debit card when I was about 13. I distinctly remember going to the bank with my mom to open a checking account, and explaining to the teller that I needed a debit card because I wanted to sign up for an account with this new company called Paypal.

Re: Introducing Snapcash

#186

Post by spacefight »

jpmattia wrote: post #134
Negitivefrags wrote: post #131

Earlier quoted context omitted.

As someone else from NZ I would like to second this. We got a US bank account for our company and I was surprised how archaic the US banking industry is. Another thing very interesting in NZ/AU is EFTPOS. EFTPOS is like the credit card system only with no transaction costs. Any shop in NZ/AU will take it. The original business model for EFTPOS was that the user pays a fixed charge per transaction. I think it was some…

> EFTPOS is like the credit card system only with no transaction costs. Somebody is picking up the tab. Is it the merchants? or the banks? gov't (=taxes)?

No, in some countries there are transaction costs for EFTPOS, but it's very low compared what is being charged for credit card transactions.

Re: Introducing Snapcash

#187

Post by hobs »

pizzashark wrote: post #122

1. Look over someone's shoulder to get their phone password 2. Take phone discreetly 3. Enter phone, add self on snapchat, put money in Swiss bank account 4. Put phone back in person's pocket

1. Release a series of apps that do this with improper permissions.

Re: Introducing Snapcash

#188

Post by tomp »

Negitivefrags wrote: post #131
jordanthoms wrote: post #112

Meanwhile, everybody outside the US is trying to figure out how it's taken so long for easy person-to-person payments to happen there. Here in NZ, you've been able to pay directly to someone's bank account number for free for as long as I can remember, and my bank introduced payments to mobile numbers, facebook accounts, and email addresses 3 years ago. (Oh and it's totally safe to broadcast your account number to ev…

As someone else from NZ I would like to second this. We got a US bank account for our company and I was surprised how archaic the US banking industry is. Another thing very interesting in NZ/AU is EFTPOS. EFTPOS is like the credit card system only with no transaction costs. Any shop in NZ/AU will take it. The original business model for EFTPOS was that the user pays a fixed charge per transaction. I think it was some…

> Which to be fair is what the actual cost of a purely electronic transaction should be).

When you pay with PayPal/Visa/MasterCard, you're not paying for the electricity or the transaction, you're paying for fraud insurance. I wonder, how does EFTPOS handle fraud, and who's responsible for it?

Re: Introducing Snapcash

#189

Post by tomp »

mgkimsal wrote: post #180
jpmattia wrote: post #166

Earlier quoted context omitted.

> In US don't they beg you to open a credit card? Yeah, pretty much. If you are responsible, you get back 1% of all of your purchases on the CC. And in the spirit of "who pays for that", it's the folks carrying a balance who pay for the 1% cash back on everything.

it's not the people carrying a balance that pay for that - it's the merchants. it's an extra fee added on to the credit card fee that a merchant can't predict nor can they avoid. As a merchant, I charged people, say... $10 for something. The fee might be 2.9%, but if it was 'rewards card' (which I can't tell ahead of time) the charge would show up as 4%. The cost is passed on to every in the form of higher prices. Th…

Hm... I wonder who gets the extra 0.1%.

Re: Introducing Snapcash

#190

Post by expose »

arnorhs wrote: post #100
mmanfrin wrote: post #80

Installed it, none of my coworkers can figure out how to actually send cash, or send anything. Right now it looks like a 'take a picture and add a dollar amount' photo app, except you can't export, can't send, can't do anything but take more app-only picture-expenditure receipts. e: Looks like it's not actually snapcash -- but another so-named app. Looks like someone is getting a ton of unintentional downloads today.

For me, it was simply a "snapcash" entry in the settings screen in the snapchat app. You click it and put in your payment info before you can use the feature. I'm on the Android app though, I heard from coworkers that the iOS one doesn't have it yet.

You're correct -- I'm on iOS/iPhone 5 and I don't have the option yet.
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