Snapchat launches 'Snapcash' money transfer service

Snapchat's new service lets you send funds directly to a friend. (Maryna Pleshkun/Shutterstock.com)

Ephemeral messaging app Snapchat has announced Snapcash -- a new feature that lets users send funds to each other.

Created via a partnership with Square, the mobile payments company, Snapcash will deposit funds directly into someone's account.

Like Square's own Square Cash system, just enter debit card information for making payments and then when it's time to send cash, type in a dollar amount, choose a friend and send.

All card details are stored by Square, so security shouldn't be an issue, something that Snapchat was very quick to point out in a blog post announcing the new feature: "We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money. Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone."

Snapcash is now live for users in the U.S. with a debit card and who are over 18.

Using social messaging as a means of making money transfers is a growing trend. Facebook's Messenger app will soon support payments and in October Twitter launched a pay-by-tweet service in France through a partnership with Banque Populaire and Caisse d'Epargne.