Less than four years after Snapchat introduced Snapcash as its own money-sending service, the app will shut down the Venmo competitor next month, according to TechCrunch.
A TechCrunch reader discovered the impending closure while looking at Snapchat’s Android app code. It read, “Snapcash will no longer be available after %s [date].” The website contacted Snapchat, and a spokesperson confirmed it, 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!”
The news perhaps shouldn’t be surprising, considering competitors like Venmo, PayPal, and Square Cash have much better visibility than Snapcash—and remember, those who utilize those three examples don’t actually have to be on Snapchat to use them.
The spokesperson said Snapchat users would officially be notified of the closure soon.