[ad_1]
Photo File
Snapchat has confirmed the closure of Snapcash, an integrated mobile payment service that may have become more responsible than the profiteer.
Launched in 2014, Snapcash, a project launched jointly with Square, allows users to send payments
Contactless cards, ecommerce and mobile payment applications are popular, and Snapchat wanted a part of the cake. The application, which is used to send images, text and video that have a "self-destruct" function impregnated after a preset time, has a faithful follow-up with the younger generation.
That makes sense – a young technology -savvy customer base combined with mobile payments features. What could go wrong?
Abuse of the service, it seems. There are many other mobile payment service providers, such as PayPal and Venmo, and even though Snapcash wanted to join the ranks, it has instead acquired a more distinct customer base.
TechRepublic: biometric mobile payments for 1T transactions, $ 51 B in revenue from here 2022
Just do a quick search on social networks to find Snapchat users touting various merchandise in exchange for payments made on Snapcash.
Peer-to-peer mobile service is not only used to facilitate the exchange of money for adult content – like photos and videos – but also, apparently he, based on social media, dubious loans. [19659005] As TechCrunch reports, Snapchat cashes and withdraws service from August 30
Code buried in the payment system: "Snapcash will not be available after% s [date]", confirmed a spokesman from Snapchat. abandonment of mobile payments
See also: Venmo has no valid reason to make public the default user transactions
"Yes, we remove the Snapcash feature at 30 August, 2018, "said the spokesman at the publication. "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!"
A SEC filing made public at the end of 2017 stated that Snapchat's address to more than 3,000 employees. The company recently proceeded with a wave of layoffs that resulted in the loss of 120 engineers and potentially 100 employees of the advertising sector.
The company has grown rapidly, but despite a younger clientele, the loss of mobile payment functionality of Snapchat is likely to hit hard and may raise questions of investors interested in what other plans the platform form has in the works to generate future income.
CNET: Pleasure Your Curiosity Snapchat Shows for $ 60
Meanwhile, rivals in the mobile payments sector are not taking advantage of an easy turn either.
Last week, it appeared that the Venmo mobile payment application was exposing default user transactions via the company's public API.
Anterior and Related Coverage
Source link
