Snapchat has a new feature that allows money transfers between app users with just a few taps.

Snapchat is a messaging app that sends messages, photos and videos called "Snaps" that disappear after a few seconds. Snapchat users send over 700 million photos and videos every day.

Like Us on Facebook

The new feature called "Snapcash" is really easy to use. To send money using a private message, a user types in the dollar sign and the amount of cash to be transferred. A green button will appear. A few taps later and it's done.

This product is Snapchat's first product developed in partnership with another company, Square Cash. The  latter will handle the financial details of SnapCash.

To allay the fears and encourage of the use of this new service, SnapChat has partnered with Square Cash that will handle the financial details of SnapCash.

Snapcash is initially available to Snapchat users and to debit card holders in the United States 18 years old and above. Snapchat users have to update or upload an additional app to use Snapcash.

Many people still have security issues with Snapchat after 4.6 million Snapchat user names and phone numbers were stolen and posted online by hackers.

Snapchat gained a huge following since users felt safe that the photos and videos they share will be deleted in just six seconds.

Snapchat faced the U.S. Federal Trade Commission over complaints that it didn't inform its users that though the messages disappeared, these messages could be stored. These massive security breaches made users think twice about app security.

Snapcash will only require banking information when a user creates a Square Cash account, which is similar to that of payment services like PayPal. For privacy purposes, Snapchat won't store this financial information.

Snapchat was developed by Bobby Murphy, Reggie Brown and Evan Spiegel, who are currently the company's CEOs at the young age of 24.

Tagssnapchat, Square Cash, SnapCash