Snapchat launches own currency Snapcash to send payments to other app users Firm has partnered with payments company Square for service Users add their existing debit card to service to send paymentsÂ Photo messaging site Snapchat has launched a new feature allowing people to send friends money from within its app. The firm, which was the subject of a recent hack attack in which over 100,000 photos were leaked from the service when a third party client was compromised, has partnered with square for the service. Once users have registered their debit card, they simply enter a $ sign and the amount into the messaging field - and the payment is sent. The new system uses Snapchat's existing app - user's simply enter a $ sign to activate the service. After you enter your debit card, it is securely stored by Square. To send money, just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button. The details are passed to Square, who will swiftly process your payment and send cash directly to your friend's bank account. The company says it built initially built a prototype of Snapcash and sent it to Square. 'Today is a big day for us - we are launching our first product created in partnership with another company,' the firm said. 'We're huge fans of the folks at Square and have been big admirers of Square Cash since it launched â€" just type a dollar amount into the subject line of an email and send cash to friends. Genius! The firm also addressed its hacking problem. 'We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money.Â 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. Square is expected to expand the deal, and offer its payment service to other app makers.Â Â When asked about whether this would be a possibility for other companies in future, Square told Recode that it is 'always exploring ways to make it easier for customers to send and request money, but we don't have anything to announce at this time.' Snapchat also updated its privacy policy today to allow for Snapcash, along with refreshing some of the terms. Snapcash requires the user to live in the US and be over 18 years old in order to use Snapcash.