Snapchat to end Snapcash payment system amid fierce competition

Snapchat to end Snapcash payment rules amid fierce competition

Snapchat will end Snapcash on August 30, as its payment additional service faces competition on multiple fronts.

A Snapchat spokesperson confirmed to TechCrunch on Sunday that the service will be discontinued.

“Yes, we’re discontinuing the Snapcash feature as of August 30, 2018,” the commerce wrote. “Snapcash was our first product created in partnership with novel company — Square. We’re thankful for all the Snapchatters who used Snapcash for the last four existences and for Square’s partnership!”

A notification will hit the Snapchat app and its back site soon, the spokesperson said.

Snapcash, which was launched in 2014, may have been largely forgotten as other peer-to-peer payment apps like PayPal, Venmo and Zelle grew. 

Even though Snapchat is losing its payment feature, there’s still plenty happening for app. Its Snapchat Spectacles are available for $60 (down from $130), while its Lens Explorer helps you find shared creations easily. Check out CNET’s guide to 20 things every new Snapchat user necessity know.

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