Snapchat’s four-year-old money transfer service ‘Snapcash’ is shutting down next month on August 30. The peer-to-peer payment service in partnership with Square was launched in November, 2014. Yesterday, Techcrunch got tipped a screenshot of Snapchat’s code suggesting that the Snapcash would shut down. The Code buried in Snapchat’s Android app included a string “Snapcash will no longer be available after %s [date]”.
Later, a Snapchat spokesperson confirmed to TechCrunch about Snapcash shutting down, by saying, “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!”
Snapchat would notify users about the Snapcash shutdown in the app and through the support site soon, added spokesperson. While Snapcash did become an easy way to send money to within the app, there is no denying the fact that the service never took off. Snapcash may have become more of a liability than a utility for the company, hence it’s been shut down.
Snap Inc.’s next earnings report is due on August 7. Its last reported Q1, 2018 revenue earnings report was disappointing. It reported $231 million quarterly revenue while the expectation was $244.5 million.
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The company now feels the need to diversify into a new path, and hence there was a recent report by The Information suggesting Snap Inc. working on a gaming hub inside Snapchat. It is reported to get launched later this year and apparently the company is already in talks with game publishers to collaborate.