Popular photo-messaging service Snapchat launched a feature last week enabling users to send money to one another through its mobile application.

According to a promotional video on Snapchat’s website, the money-sending service, called Snapcash, allows users to simply type in a dollar sign, followed by a numerical amount, to send money to the recipient. Users will have to link their credit cards to their Snapchat accounts, which the company claims will be secure and encrypted.

“The money feature is another dimension that could make Snapchat a more useful app,” Nikita Mittal (12) said.

This new service is powered by Square, a mobile finance company that has been active in turning mobile devices into payment devices. Square builds a software platform and an iOS dongle that allows customers and retailers to pay and receive money using their mobile devices. Square devices have been implemented in local food and grocery shops as well as boutique stores.

Ray Song (10) does not see much value in this new money-sending service.

“I think there’s definitely a potential problem with the security of the account as well as the privacy,” Ray said. “ I personally would never connect my bank account with it. Also, the easier it is to send or use money on a platform, the more likely to become a blind consumer.”

Snapchat, which has traditionally been simply a photo-messaging application, is now adding more features to stand out against competitors such as Facebook’s Slingshot. After Snapchat turned down the social media giant’s acquisition offer for $3 billion back in 2013, the latter launched its own “selfie” app.

Snapchat currently has a valuation of over $10 billion. This number is expected to climb with the new features the application in the coming months. According to the Wall Street Journal, the social media application has over 100 million monthly users. Many students use Snapchat because of its entertaining and interactive nature.

“Snapchat is just a cool idea in my opinion in how easy it is to share photos and videos and stuff,” Arjun Ashok (12) said. “Being able to see it for a limited time is something that I’m [kind of] neutral on. I guess it’s good sometimes and not good other times.”

Arjun added that he uses Snapchat to share music with his friends. He likes to play 10 second videos of songs and then send it to people.

With mixed views on the new money-sending feature, only time will tell whether this new addition is a hit or not.