Snap is closing its peer-to-peer payment service, Snapcash. The feature, which is built into Snapchat, will shut down on August 30.
"Snapcash was our first product created in partnership with another company – Square," said a spokesperson. "We’re thankful for all the Snapchatters who used Snapcash for the last four years and for Square’s partnership!"
Tighten the purse strings
Snapcash launched in 2014, with a goal of making sending money "fast, fun and incredibly simple". Users registered a debit card using Square, then simply entered a dollar symbol in a chat, followed by an amount, to send cash to another person.
Unfortuantely for Snap, competition in peer-to-peer money sharing is tough, with apps including Apple Pay, Google Pay and Venmo all offering established services, and other social platforms like Facebook Messenger getting in on the act.