By Daniel Hunter

Snapchat has launched a new feature which will allow the app's users to send money to each other.

It comes following a partnership agreement between Snapchat and payments firm Square.

For the time being, only Snapchat users in the US over the age of 18 will be able to use 'Snapcash'.

Snapchat said no financial information will be stored on its servers. Instead, users will have to register for a Square account, where such information will be stored.

The news has caused some concern given the security breaches the app has suffered. In May, Snapchat settled with the US Federal Trade Commission (FTC) after it was accused of misleading users over data collection and not informing them that images could be saved. It agreed to be monitored by the FTC for 20 years.

For those who are not familiar, Snapchat allows users to send photos to each other. But the images are only visible for a maximum of 10 seconds before disappearing.

In January, hackers posted user names and phone numbers of nearly five million Snapchat users.

"We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money," Snapchat wrote in a blog post.

"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."

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