Issa Asad, CEO of QLink Wireless, Says Snapcash is a Threat to PayPal and Google Wallet

DANIA, Fla., Dec. 4, 2014 /PRNewswire/ -- Issa Asad, CEO of Q Link Wireless—a subsidiary of Quadrant Holdings, LLC, in Dania, Florida—says the new peer-to-peer payment option "Snapcash" is a serious threat to established payment sites PayPal, Venmo and Google Wallet.

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Snapcash is a new payments option that was recently launched from the developers of Snapchat, the wildly popular micro-messaging service and app. Asad says that Snapcash is the app developers' attempt into expanding their brand reach.

Asad is also the author of the Amazon best-selling e-book, "Instant Profits with Snapchat" and owner of the social media blog, "Issa Asad Snapchat".

"New technologies have a profound impact on social interaction," said Asad. "Admittedly, it does not sound like an extraordinary idea at first, but once you begin thinking about Snapcash's possibilities, it becomes thrilling."

Simply put, Snapcash is a P2P application that allows Snapchat users to transfer money between bank accounts via the use of Square Cash. With Snapcash, users link one or more of their bank accounts and then send money by swiping into a chat, typing a dollar sign, an amount of money and then hitting a green button.

According to Asad, Snapcash can tap into the lucrative younger audience who already use Snapchat. Snapcash could also earn Snapchat money by possibly using its relationship with Square Cash to specifically target customers via debit card information.

"Simply put, many younger demographics don't use PayPal, and Venmo and Google Wallet aren't that dominant," explained Asad. "Now Snapcash has the interest of a younger generation that other P2P payment sites have had a hard time obtaining."

Users that are at least 18-years-old can sign up to Snapcash by providing their Visa or Mastercard debit or credit card. Privacy and security problems are minimized because all user account information is only stored in Square Cash and never Snapcash or Snapchat. 

"This payment option tool is convenient for millennials because it takes away any privacy concerns," said Asad. You must be friends with each other to send money and you must accept money for the transaction to be complete.

"Part of the brilliance of Snapcash is the fact that it requires both parties to sign up and add their debit or credit card," said Asad. Recipients of money must sign up for Snapcash or accept the payment within 24 hours, or else it will be refunded back to the sender.

"By integrating a P2P payment option in an already popular application, Snapcash is poised to become the next top finance tool," said Asad.

About Issa Asad

Issa Asad is a Dania-based author and blog owner with more than 15 years of experience as an entrepreneur and marketer in South Florida. Asad is the CEO of Q Link Wireless, LLC, a subsidiary of Quadrant Holdings, LLC. For more information about Asad, click here, or visit his LinkedIn profile here.

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SOURCE Issa Asad