Snapchat will discontinue its money transfer service, Snapcash, on August 30th. Snapcash was announced in 2014 when Snapchat was at the height of popularity. It’s been four years, when this money transfer service was launched. Now the company is going to shut down this service as it has become more of a liability than a utility.
You won’t be able to Use Snapcash after August 30th
Currently, this feature is available on both Android and iOS in the United States for those users who have a debit card and are 18 or older. However, it is not clear that why the company is shutting down the Snapcash feature. No one Knows the specific reason.
In a statement to Techcrunch, Snap confirmed Snapcash’s shutdown.
“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 competitors like PayPal, Venmo, and Square Cash presented a more convenient means of electronically sending money to another person, while Snapcash seems to be associated with some erotic content online.
Snapchat confirmed the final date of shutting down the app in a statement to TechCrunch, and said soon users would be notified through the app.
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