Published: July 25, 2018 12:46:04 pm
Snapchat will shut down its peer-to-peer payment service Snapcash on August 30. The company has confirmed to TechCrunch that Snapcash feature will be discontinued as of August 30, 2018. Users will be notified of the shut down in-app or through the support site soon. To recall, Snapcash was launched in partnership with Square in 2014. Though Snapchat did not specify a reason for the shutdown, the service reportedly witnessed limited growth thanks to competition from apps like Venmo, PayPal, Zelle and Square Cash.
“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!” a Snapchat spokesperson told the site.
The TechCrunch report adds that a Twitter search for Snapcash reveals that the feature was being used by adult performers on the platform to offer erotic content in exchange for payments via Snapcash. Do note that Snapchat itself has not made official a reason for discontinuing Snapcash. Apple and Google mobile OS also support peer-to-peer payments.
Snapchat recently added the Lens Explorer feature to its platform, which lets users check Community Lenses created with Lens Studio. The Community Lenses will be available in addition to the Lenses or Filters approved by Snapchat. Users can tap the smiley face icon that will show up on the carousel and select the ‘appropriate tile’ to unlock the lens. One can unlock a lens by swiping up on Snaps, which are featured Our Stories.
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