Snapchat we all know as a social media platform is ending its Peer-to-Peer Payment Service ‘Snapcash’ on August 30, ending its four-year-long partnership with US-based mobile payment company Square. which has been confirmed and quoted at techcrunch.
“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,” said snapchat speaker.
They didn’t say what would happen to users’ accounts, it promised that they’d receive notifications through both the Snapchat app itself as well as the support website. It’s sad news if you’re a frequent Snapchatter who used the feature to cover your share of restaurant bills, but you could see this coming given the competition and Snap’s own fortunes.
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The digital-payment feature was made part of Snapchat back in 2014 in partnership with Square that handled the actual payment processing.
The discontinuation of Snapcash could help Snap refocus its efforts, especially now that it might have other, more effective ways of raking in revenue from your payments.