Snapchat stops Snapcash, its peer-to-peer payment service

Snapchat's woes show no sign of ending, and the latest victim of the company is Snapcash, the peer-to-peer payment service. It is likely that you have never heard of the service, which is much less used, which makes its closure less surprising.

Part of Snapcash's problem is that it has not always been used for the most innocent purposes. Rather than splitting bills or sending money back for the pizza you stole from your roommate, Snapcash tended to be used to pay adult animators for content on Snapchat. In short, it was probably more doubtful than boon to Snapchat itself

The service, which was the first Snapchat product created in partnership with another company (in this case, Square), will not be officially available anymore. August 30th. Code in Snapchat's Android app notes a "Snapcash disapproving message" that shows, "Snapcash will no longer be available after% s [date]." The service lasted four years, but with the rise of other payment applications like Venmo and its parent PayPal, as well as Zelle, and of course Square Cash, were few to turn to Snapchat and Snapcash to pay their friends.

A company spokesman confirmed the depreciation of TechCrunch: "Yes, we stop the Snapcash feature as of August 30, 2018 … We are grateful for all the Snapchatters who have used Snapcash during last four years and for Square's partnership! "People who do depend on Snapcash received An in-app notification should soon be available on Snapchat's support website, stating also the closing of the service.

Of course, as a proverbial door closes, another one will open soon, as Snapchat says to work on a new tool called Eagle. In essence, the feature allows you to take a picture of a product or its barcode, and then in early versions of the code, redirects you to Amazon, where you will have the opportunity to buy said product. Lately, however, it seems that the mentions of Amazon have been erased from the application. Still, to make a purchase with Eagle, it seems that Snapchat might want to incorporate some sort of native payment option, which currently lacks at Snapcash's release.