Is Snapcash instant?

Snapcash works in a similar way. You'll need to add a debit card for your first transaction, but once you've done that you'll be able to type an amount of money into Snapchat's text-chat feature and hit the green pay button to instantly send money.

mirror.co.uk - What is Snapcash and how does it work? - Mirror Online

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What is Snapcash and how does it work?

Called Snapcash, the new service lets users over the age of 18 send an amount of money to another user using the app's instant messaging feature. It's the latest attempt by Snapchat to move beyond messaging. It recently launched ads on the platform, for example. Here’s a quick explainer of what it is, how it works, and whether it's secure.

How does Snapcash work?

Snapchat has partnered with payment-processing service Square to develop the service. Square lets you send money via email by typing the required amount in the subject line. Snapcash works in a similar way. You’ll need to add a debit card for your first transaction, but once you’ve done that you’ll be able to type an amount of money into Snapchat’s text-chat feature and hit the green pay button to instantly send money.

Who can use it?

At the moment it’s only launched in the US and on Android. You’ll have to be over 18 and have a debit card to use it. The iOS app will launch next and then the service will start rolling out to other countries, including the UK and the rest of Europe. This will be held back by the fact that Square hasn't yet launched in the UK. You might be concerned about the safety of sending money on a service that recently had a load of photos leaked and account details hacked. But don't worry: all of the account details are stored by Square, not Snapchat. Square uses lots of encryption and is generally deemed as safe. Unless, of course, someone steals your phone.

Won't it just be used to create a market for nude pics?

Some people are concerned that Snapcash is going to end up as "£10 and I'll show you my boobs". That's quite possible, but these transactions can only take place between over-18s. It's a bit seedy, but not illegal. The introduction of the payment system does absolutely nothing to prevent teens sending each other nude snaps for free. Although, contrary to popular belief, the vast majority of snaps are much more pedestrian than that.

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Did Snapchat pay money?

Image Credits: Snapchat Snapchat has changed the way it pays creators through its Spotlight reward fund. Creators that use Snapchat's TikTok clone, Spotlight, will now be paid millions per year, a source familiar with the matter told TechCrunch. Business Insider was the first to report the change.

techcrunch.com - Snapchat reduces payouts for Spotlight creators - TechCrunch

Snapchat has changed the way it pays creators through its Spotlight reward fund. Creators that use Snapchat’s TikTok clone, Spotlight, will now be paid millions per year, a source familiar with the matter told TechCrunch. Business Insider was the first to report the change. This marks the second time Snapchat has reduced the payout. In 2021, the company rewarded creators millions per week, down from $1 million a day in 2020. While Snapchat is lowering the amount, the source noted to TechCrunch that it’s paying more creators in more markets. It’s also important to note that the minimum payout per Spotlight will remain at $250. Last year, Snapchat paid $250 million to over 12,000 creators. They also pointed to other ways Snapchat creators earn a profit, including the Creator Marketplace, Sound Creator Fund, its accelerator program for black creators, Spotlight Challenges and in-app gifting. In February, the app tested revenue sharing on ads in Snapchat stories for Snap Stars. The move to lower fund spending for Spotlight was likely made as another way to boost profit and spend less of its revenue. Earlier this year, CEO Evan Spiegel announced that Snapchat was testing ads on the Spotlight. In August, Snapchat downsized its workforce by 20%. Last week, Snapchat reported its Q3 results, missing analyst expectations on revenue. The company still did relatively well, earning $1.13 billion, an increase of 6% for the quarter. However, Snapchat’s net loss rose to $360 million. On a more positive note, the company said Spotlight performed well this quarter and helped increase the overall total time spent watching content.

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