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Snapchat to shut down Snapcash on August 30

The peer-to-peer money transfer service never found the same success as platforms like Venmo and PayPal

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Snapchat users who used the platform’s Snapcash feature to send and receive money from other users will have to find a new way to do so by the end of the next month.

The company recently confirmed to TechCrunch that it will be shutting down Snapcash on August 30. The news originally broke when code was discovered inside of Snapchat’s Android app that displayed a “Snapcash will no longer be available after %s [date]” message.

“Yes, we’re discontinuing the Snapcash feature as of August 30, 2018,” said a Snapchat spokesman when questioned about the code. “Snapcash was our first product created in partnership with another company -- Square. We’re thankful for all the Snapchatters who used Snapcash for the last four years and for Square’s partnership!”

Not taking off

Although Snapchat declined to comment on why it was shutting down Snapcash, TechCrunch notes that the service had been previously associated with payments made for erotic content. The publication notes that some Twitter users had taken to using the service to collect payments in exchange for sexually explicit online photos.

Perhaps more poignant, though, is that Snapcash has struggled to take off while competitors like Venmo and PayPal have continued to gain prominence amongst users. Although Snapchat itself has made several changes in the past year to add to the user experience, it seems that a peer-to-peer money transfer service is not in the company’s plans for the immediate future.

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