Snapcash, an In-app Payment Transfer Feature, Was Started by Snapchat in Association with Square
Snapchat is reportedly shutting down it peer-to-peer payment service Snapcash. The feature will no longer appear in the app post 30 August. The feature has been available to Snapchat users using both Android and iOS in the United States who have a debit card and are 18 or older.
Snapcash started as an in-app payment transfer feature in 2014. Snapchat partnered with mobile payments service provider Square for their Cash App service to be available through the social media platform’s mobile app. Snapcash was termed as a ‘fast, free, and fun way to send money to your friends’. The money sent through Snapcash would be deposited in the bank account linked to the receiver’s debit card.
A Snapchat spokesperson told TechCrunch that Snapchat was indeed shutting down Snapcash from August 30 onwards. “Yes, we’re discontinuing the Snapcash feature as of 30 August 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 also added that users would be notified in-app and through the support site soon.
It is unclear though, why Snapchat has decided to discontinue Snapcash, given its plans for increasing in-app purchases and turning into a commerce platform. Although one must consider that Snapcash had a lot of competition, such as Google Assistant’s Google Pay-linked service, PayPal’s payment app Venmo, Apple’s iMessage-feature Apple Pay Cash, Facebook’s TransferWise-powered Messenger bot, and in-app platform Zelle.
Snapchat recently introduced Lens Explorer on iOS that allows users to look for and use lenses developed by other users. Lens Explorer will appear in the carousel of lenses that pops up when you tap the camera screen in Snapchat. You’ll be able to browse through more than 100,000 lenses created to date, as well as being able to view the public stories that have been created using them. If you like one, you can swipe up on a snap and unlock it for your own use. The feed of lenses will be personalized to you based on various factors including your location.