Snapchat would be discontinuing its service Snapcash—a service meant for transferring money on the 30th of August this year. The service Snapcash was announced back in 2014, the time when Snapchat was at the peak of its popularity. Since then it has been four years, to the launch of this money transferring service. The company has taken the decision of closing the service as it may be more of a responsibility than something of value.
Presently the feature is available on both the Android and iOS in the United States for the users who possess a debit card and are above or of the age of eighteen years. But, one thing is unclear and that is the reason behind the firm’s decision of closing the service. So far, no specific reason has been identified.
As per the reports of TechCrunch, Snap confirmed the news of Snapcash’s discontinuation. Snap said that the Snapcash feature was the first product of the firm made in collaboration with another firm—Square. It further thanked both the users who availed the service and Square for their partnership.
The rivals like PayPal, Square Cash and Venmo provides a more easy and simple way of doing transactions electronically to another person, however, Snapcash was seemingly linked with some sensual content online. When searched on Twitter for Snapcash plenty of such offers surfaced having erotic content in exchange of payments via the feature. It might have been a good and secure decision of Snap to shut down the service altogether instead of getting involved with PR issues over the misuse of the feature.
The final date for the suspension of the feature has been confirmed by Snapchat. The users would soon be notified via the application.
I am a writer/editor at Research Snipers RS-NEWS and it’s been 3 years working with the company. My specialties are technology and business.