Why I Wouldn’t Bank on SnapCash

So yesterday I (like many of you, I’m sure) glanced down at my smartphone to see that I had received a snap from Team Snapchat. I tried to think to myself what this could be about – it’s not a holiday right? There’s no big sports thing on right now that I should probably know about, but simply don’t care? But nope, I was greeted to (the abridged version of) this:

Oh boy. Now don’t get me wrong – I majored in Musical Theatre in high school. I can appreciate a cheesy dance number – especially one with tappers. Especially, especially one about money! There’s Money from Cabaret, We’re in the Money from 42nd Street – believe me I’m all about it.

But then Mr. Monopoly’s deranged, evil uncle comes out telling me to connect my debit card to my snapchat – “a wiiiiiiise investment at any aaaaage.” Again, I’ll say it, oh boy.

Really Snapchat? Really?

Why on EARTH would I connect my debit card to a service known for making things disappear into thin air? Immediately there’s a disconnect in my mind – if I wanted to make money ~*disappear*~ I could do that without the help of an app. I would just head on over to modcloth.comPlus, with its lack of transparency, the company isn’t exactly known for making the maintaining of a customer’s privacy a priority. I don’t think anyone should be too quick to hop on the bandwagon.

The majority of Snapchat users are in their teens and early twenties. Already this new service will not be used by a good chunk of your audience, considering you need to be at least 18. I’m also curious as to how this will be enforced. How can you ensure that the only folks using this service are over 18? How do you know they didn’t just steal mommy or daddy’s card and register it to their account?

While engagement on the site may be high (especially in that coveted millennial demographic), there are so many better ways to quickly transfer money, including often through an app run by the bank itself. Or just walking to an ATM, taking out cash, and handing it to another person. That works too.

How often do people our age transfer money to each other anyway? This is a serious question. The only people who really would ever put money into my bank account would be my parents (but really, they haven’t done that in years) or my employer, and that’s what direct deposit is for.

Perhaps they’re trying to get in on Apple Pay’s market.. but even if they are I think they need to worry about establishing their brand as one to be trusted by users before requesting access to their bank accounts.

Sorry Snapchat. Thanks, but no thanks.




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