Snapchat is reportedly ending their Snapcash payment system on August 30, this comes as its payment transfer service faces tough competition on multiple companies offering similar payment system.
A Snapchat spokesperson confirmed to TechCrunch that the service will be discontinued.
“Yes, we’re discontinuing the Snapcash feature as of August 30, 2018,” the company wrote. “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!”
A notification will hit the Snapchat app and its support site soon, the spokesperson noted.
Snapcash — which was launched in 2014 — may have been largely forgotten as other peer-to-peer payment apps like Venmo, PayPal and Zelle grew.
Even though Snapchat is losing its payment feature, there’re still plenty of things happening on the app. Its Snapchat Spectacles are available for $60 (down from $130), while its Lens Explorer helps you find community creations easily.