Once the purview of teenagers sending inappropriate and ephemeral pictures to each other, Snapchat is working hard to become legitimate.
To that end, they've launched more of a direct sociel media side which makes it a better avenue for brands and more integrated messaging options. And now, they've also added the ability to send money to other users.
Snapcash is an initiative between Snapchat and Square Cash. Once you put in your debit card details, all you have to do is mention a dollar figure in a Snapchat message and the dosh will be sent to the person you're contacting. All of the money business is actually handled entirely by Square Cash - which should hopefully help to allay security issues, seeing as Snapchat has a habit of accidentally storing nudie pics on their servers which are then leaked.
Here's an amusing video with more information.
Right now, Snapcash only works in the US for users over the age of 18 but if the pilot program works expect it to be rolled out elsewhere.