Snapchat is shutting down its Snapcash payment service
Snapchat's in-app payment service, Snapcash, is set to be discontinued on August 30, 2018. The money transfer service launched four years ago as a partnership with Square Point of Sale in an effort for the latter to use the former's brand recognition to spread awareness of its payment services.
In a statement made to TechCrunch, a Snapchat representative said the following:
“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!”
As of this writing, Snap Inc. has yet to issue an official announcement concerning the impending discontinuation of its Snapcash service.