If you use Snapchat’s Snapcash as a way to send money to your friends, you’ll have to find another service soon.
Snap will kill off Snapcash on August 30th. The company confirmed its decision to TechCrunch, saying that it’s thankful for its users and for Square’s partnership on the feature. However, no reason for the end of Snapcash was given.
Here’s Snap’s statement to TechCrunch on the end of Snapcash:
“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!”
There are a lot of peer-to-peer payment services out there, including services like Venmo and Google Pay that focus specifically on payments. While Snap, Inc. hasn’t said exactly why its discontinuing Snapcash, it’s likely that the feature hasn’t taken off as well as it would’ve liked, and so it’s killing Snapcash to focus its efforts on features that could be better at bringing in users and money.