|By Le Williams | 2 years ago|
Snapchat will end the peer-to-peer payment space Snapcash on August 30th. Removing the feature will bring an end to Snapchat’s four-year partnership with Square to power the feature for sending people money.
Snapchat reports suggest that Snapcash may have become more of a liability than a utility. With apps such as Venmo, PayPal, Zelle, and Square Cash itself, there remain a plethora of ways to transmit payments to recipients. As a result, Snapcash may have seen low legitimate usage.
Code buried in Snapchat’s Android app includes a “Snapcash deprecation message” that displays “Snapcash will no longer be available.
According to TechCrunch, an internal tipster Ishan Agarwal provided the screenshots of Snapchat’s code to confirm the conclusions.
Upon presentation of the code, a Snapchat spokesperson confirmed to TechCrunch by stating, “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!”
The spokesperson noted that users would be notified in-app and through the support site soon.
Additionally, Square also issued a statement to TechCrunch, explaining, “Yes, it’s ending the partnership with Snapchat at the end of next month”.
With initiatives to demonstrate the Square Cash product remain viable, a spokesperson told the tech media source, “With more than 7 million monthly customers, Cash App continues to see strong growth, while delivering utility and flexibility for individuals’ money. We continue to focus on building new features that address the financial needs of our customers as we work to expand financial access for all.”