The popular social media and communication app SnapChat last year released a facility within the app that allows users to forward and receive money with the tap of a button.
This new functionality is called ‘SnapCash’
Many other companies provide online facilities to transfer money however this one specifically works within the SnapChat app which is enormously popular with children and teenagers. This app, like many others of its type, has no moderation, monitoring or identity verification. Not a sound environment to be dealing with money back and forth. It’s a program designed for social networking, not finance.
How it works is that a user in snap chat can add DEBIT (Not Credit) card details to their account and with a swipe and tap, money can be sent to another user. It’s as easy as that. A lot of teens currently use Debit Cards.
Security in the program is limited. In a recent case 4.6 million users in SnapChat had their personal account information hacked and made available to the public online.
Another concern which has alarmed groups in the united states is it is the perfect environment for online child sex offenders to pay children in exchange for images, video or webcam depicting naked or compromising material relating to that child. The possibilities in this regard are endless for predators. It is a classic predatory methodology to obtain material from a potential victim to be used to threaten or extort that child.
Some considerations for parents and carers:
Advice to parents:
What some young twitter users think of it:
At this stage it is only available to those in the United States, however, it is financially rewarding to the company to make the natural progression to Australia and New Zealand is inevitable.