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Staples withholds from snappy use of Snapcash

Claire Smith ’15 proudly declares her opinion on Snapchat’s new Snapcash feature, which now allows for monetary exchange through the popular photo-taking app, both to the app’s account itself and to her instagram followers.
Claire Smith ’15 proudly declares her opinion on Snapchat’s new Snapcash feature, which now allows for monetary exchange through the popular photo-taking app, both to the app’s account itself and to her instagram followers.

On Monday, Nov. 17, the yellow Snapchat icon, familiar to many student smart phones, declared a notification. However, eager openers surprisingly found no friendly selfie – rather a message from “teamsnapchat” themselves, announcing the new ability to exchange money through “snapcash.”

According to Snapchat’s official site, Snapcash allows users to type a dollar amount into a chat window and immediately transfer money to friends’ bank accounts.

Snapchat, originally used to send 1-10 second photo messages, has long metamorphosized since its release in 2012, adding stories, messages, video chat, filters and artwork.

But, despite common updates, the dazzling video announcing Snapcash struck students and faculty alike as vague and potentially risky. Information explaining the monetary exchange and existence of fees, risks or restrictions was lacking.

Personal finance teacher Stacey Delmhorst was even prompted to discuss Snapcash with her class. Delmhorst asked students what questions they thought she would have about the app.

Students Ben Rogers ’15, Mikaela Dedona ’15 and Daniel Williams ’15 called out, “how fast is money transferred?”,  “where does the money go?” and “is there a transfer fee?” respectively.

Delmhorst etched each suggestion onto the blackboard, yellow chalk tapping along. Then, she circled the phrases “security,” “fees,” “debit or credit,” and “cancellations.” These denoted her biggest concerns.

“It’s solely debit,” Delmhorst said.  “You cannot use your credit card. That was huge red flag number one for me. Credit cards offer protection against fraud; debit offers none. The minute I heard it was debit only, I was out.”

The class discussed the possibility of someone stealing a phone that had debit information stored, with only the security of a card’s CVC pin offered.

“It’s very easy to be irresponsible,” Agim Trdevaj ’15 said.

However, students identified that apps like CitBank and Venmo offer similar cash transfer, but with more credible protection.

“It’s a really good idea, but there are already other apps and companies that do it a lot better,” James Stanley ’15 said.

Cole Crawford ’15 proposed a reason for finances to move towards popular teen social media.

“It’s only kids our age who tend to be irresponsible with money. They think adults who are smart with money wouldn’t even get the app, but kids would get it with the incentive of using it,” he said.

Others even denounce Snapcash for non-financial reasons. Claire Smith ’15 was so horrified at the video that she felt compelled to reply and post the message on her Instagram account.

“That is an awful idea. Can this app please just be used to show the world the number of chins I make,” Smith’s post lamented, garnering nearly 100 likes

Whether for financial worry or frustration at excessive updates, Smith sums up the general consensus that Snapcash is simply unnecessary.

“Keep the app for double chins and ‘I woke up like this’ selfies please,” she said.

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About the Contributor
Ale Benjamin, Managing Editor
Ale Benjamin ’15 started out like everyone else in the Introduction to Journalism class her sophomore year. However, the class wasn’t just a way to earn course credit; it turned into a passion that she practices like a passionate, seasoned athlete would practice her sport. “Anyone can write, but journalism is more than that. It’s about communicating,” said Benjamin.  Along with communicating people’s stories, Benjamin has developed a broader perspective on the world by taking journalism. In order to better her skills, Benjamin went to an investigative reporting program at Boston University this summer. Benjamin participates in many activities that all tie together, allowing her to become accomplished in everything she does. Along with being one of the managing editors for Inklings, she is also one of the program directors for WWPT, as it combines her interests of journalism and music. Despite her many academic pursuits, Benjamin isn’t all work and no play. She enjoys relaxing, physically active hobbies such as Yoga and Pure Barre. She has also been an active member of the Staples girls’ swim team all four years of high school.. Benjamin loves to travel, which adds a global perspective to her writing. She has visited many incredible places including Thailand, South Africa, and Australia. However, she doesn’t travel just for pure pleasure. Benjamin takes her helping hands on the Builders Beyond Borders service trip every February since her sophomore year. She has visited communities in the Dominican Republic, Guyana, and plans to go again to Guatemala this coming year. Her participation in Inklings and her many other diverse activities allows Benjamin to tackle each challenge she faces with the determination of a reporter ready to crack a case.

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