Snap stops Snapcash, its payment service, August 30

If you do not remember Snapcash, do not worry – on August 30, Snap will end its peer-to-peer money transfer service launched at the height of the company's popularity. email application.

Snapcash was announced in 2014 when Instagram has not yet stolen Snap users with the format of the missing stories, and Venmo was one of the few apps that you can use to send the 39, money to your friends. Today, Snapchat is struggling to develop its user base against Instagram, and companies like Google, Facebook, Apple and Zelle have begun offering their own services to transfer money to contacts. . In a statement to Techcrunch Snap confirmed the closure of Snapcash. "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 last four years and for the Square partnership."

Although Snap does not include did not specify why it turned off Snapcash, it is likely that the service never really took off. grow while Google and Apple have started adding functionality similar to their respective mobile OS. The Techcrunch report also notes that Snapcash appears to be associated with online erotic content, with some Twitter users posting sexually explicit photos in exchange for Snapcash payments. In addition, Snap's background in security has not really inspired users to trust him with personal information.

The company has been striving to boost revenue and user growth by adding a redesign that makes the application more user-friendly. a second-generation shows that release compatible videos for viewing outside of Snapchat. The hope, says Snap, is to expand beyond the basic mobile application – and we'll see how much these efforts grow when the company announces its next earnings report on August 7th.