Snap is closing its peer-to-peer payment services, Snapcash. The element, which is crafted into Snapchat, will shut down on August 30.
Eagle-eyed teenager Ishan Agarwal spotted a deprecation information in the code of Snapchat’s Android application, and the company afterwards verified to TechCrunch that Snapcash is on borrowed time.
“Snapcash was our initially item produced in partnership with another company – Sq.,” reported a spokesperson. “We’re thankful for all the Snapchatters who employed Snapcash for the last four years and for Square’s partnership!”
Tighten the purse strings
Snapcash launched in 2014, with a intention of creating sending revenue “quickly, entertaining and unbelievably simple”. Buyers registered a debit card making use of Sq., then basically entered a dollar image in a chat, followed by an total, to deliver funds to another individual.
Unfortuantely for Snap, competitiveness in peer-to-peer revenue sharing is difficult, with applications like Apple Fork out, Google Fork out and Venmo all offering set up services, and other social platforms like Facebook Messenger finding in on the act.