Snap Inc. announced it is shutting down its peer-to-peer payment system Snapcash on August 30. The feature first rolled out in 2014 and was introduced as a “fast, fun, and incredibly simple” product allowing users to send money to their friends via Snapchat.
A spokesperson confirmed the news to TechCrunch. “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 statement said.