Snapchat launches new service 'Snapcash' to transfer money to friends

Snapchat has launched a new service called Snapcash that lets users send money to a friend to have it deposited into their bank accounts by simply entering the account number and amount to be transferred.

According to the Verge, once users enter their bank account numbers into Snapchat, they'll be able to send money via normal messaging screen by entering amount beginning it with a dollar sign.

For now, the service is only available in the United States for users aged 18 and above.

Snapchat started Snapcash in partnership with Square that would handle storing card numbers and processing payments.

Snapchat is the latest among all companies that have been trying to make it easy for people to transfer money to one another.