Snapchat will shut down its Snapcash peer-to-peer payment system, according to code discovered in its Android app, and subsequent statement provided to Techcrunch. The code indicates that in the near future users will see a message stating, “Snapcash will no longer be available after a certain date.
When approached by Techcrunch, Snapchat said:
“Yes, we’re discontinuing the Snapcash feature as of August 30, 2018. 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.”
Snapchat has not given a reason for closing Snapcash, and effectively withdrawing from an industry where it fought alongside PayPal, Venmo, and other services. Techcrunch raises concerns that Snapcash was used to pay performers for adult content through the app, and its existence may not help Snapchat’s reputation going forward.
A replacement service, or enhanced version, has not been announced.