Snapchat Snapcash (image 001)

Snapchat updated its iOS client today, bringing the app to version 8. The update activates the company’s new ‘Snapcash’ money transfer service, which it announced yesterday, that allows users to quickly send money to one another by simply sending a message.

Snapcash is a collaborative project between Snapchat and Square, built using the SquareCash concept. SquareCash allows users to send money via email, text message and Bluetooth with little friction, so it’s not hard to see how they made the jump to Snapchat.

Snapcash can be accessed within the Chat feature. Just enter a $ sign and then a numeric value to indicate that you are sending cash directly from your bank account. Square is responsible for securing payments and debit card details, which you’ll have to fork over.

Snapchat says the service is exclusive to the US for now, and only available to those 18 and older. If you fall into that category, and actively use Snapchat, it seems like Snapcash may be worth checking out. You can find the latest version of Snapchat in the App Store for free.