Snapchat stops Snapcash mobile payment service

The days of the peer-to-peer payment service Snapcash are numbered.

Snapchat will officially end its mobile payment service on August 30, according to the code buried in the Android app discovered by TechCrunch.

It's been four years since Snapchat launched Snapcash. In November 2014, Snapchat announced a partnership with the Square mobile payment service to introduce the functionality to transfer money between accounts on the content sharing platform.

This feature is available to Snapchat users using Android and iOS in the United States. Snapchat confirmed the final date of the platform in a statement to TechCrunch, and said that users would be notified soon through the application.

"Snapcash was our first product created in partnership with Another Company – Square We are grateful for all the Snapchatters who have used Snapcash for the past four years and for the Square partnership!" A spokesperson told the company. 39; editor.

Snapchat has not revealed exactly why it decided to bin Snapcash – all the more so as the platform has made huge moves toward late-in-app purchases.

Mashable Reached Snap for Comment

One possibility is a crowded peer-to-peer payment market, and the launch of other platforms such as Google Pay's own Google Pay service , Venmo's PayPal-owned payment app, the Apple Apple feature paid for by iMessage, Facebook's TransferWise Messenger bot and the Zelle app's built-in platform are appreciated by Bank of America, Chase and CitiBank.

TechCrunch also pointed out that Snapcash, although it started as an easy way to send money to your friends, was used as a means of payment for "erotic content" advertised by Twitter users. It remains to be seen if this has contributed to the closure of the service, but it is not a good idea for the platform.

Whatever the reason, it's interesting for Snap to share his four-year partnership with Square, The company will announce its next earnings report in a few weeks on August 7th.

Snap Inc. reported disappointing results in its report of the first quarter results for 2018, reporting a quarterly business figure of $ 231 million. The estimate was $ 244.5 million, according to a consensus estimate from Thomson Reuters. This follows a loss of nearly $ 350 million in the fourth quarter of 2017.

Sitting Tight

Additional reportage by Jason Abbruzzese and Rachel Kraus.