According to TechCrunch, code buried deep within the Android version of Snapchat reveals that Snapcash is being discontinued, stating that “Snapcash will no longer be available on August 30th.” A Snapchat representative confirmed this statement:
“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!”
For the uninitiated, Snapcash was a service within Snapchat that allowed users to send money to each other. The feature was the result of a partnership between Snapchat and Square. However, strict competition between other mobile payment services like Apple Pay, Zelle, Chase Quickpay, and especially Venmo led this service to an early demise.
Snapcash was never an especially popular feature of the app anyway, with its far and away most popular use being payment for explicit snaps. The combination of Snapcash’s unpopularity and its connection to explicit content could be the reason Snap Inc. decided to shut it down. Given Snapchat’s increased desperation to attract advertisers and disassociate themselves with sexting, the shutdown of Snapcash should come as little surprise.
As consolation for the loss of Snapcash, we offer you this hilariously over the top advertisement Snap produced to promote the then-new feature:
