Four months after it filed trademarks around processing peer-to-peer payments, Snapchat on Monday announced a new feature called Snapcash that enables users to send and receive funds through the popular private messaging app.

Snapcash will ride the same rails Square uses for its Square Cash app, which is also a P2P funds transfer service. Snapchat CEO Evan Spiegel told Re/code that Square will store all user bank and card information that users link to Snapcash as a funding source. None of that information will be stored on Snapchat's servers.

"The product you’re seeing today is fast, fun, and incredibly simple," Snapchat wrote in a blog post. "After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account. Just swipe into chat, type the dollar sign, an amount (e.g., $11.25), and hit the green button."

Snapchat released a catchy (or annoying) video to explain to users how Snapcash works: