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July 23, 2018

Snapchat is saying goodbye to Snapcash

The mobile payment service just can't compete with rivals like Venmo and Zelle

Lifestyle Technology
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Snapchat is one social media market that has created its own culture and has tried to maintain and build a community for an all-in-one experience, but one feature has not held up.  It was announced today on TechCrunch that Snapcash, a Snapchat partnership with the payment service Square, will be ending on Aug. 30.

This partnership ending makes sense considering Square’s app, Square Cash, is doing fairly well on its own, along with rivals Venmo and Zelle. USA Today reported earlier this month that all four companies are the leading apps in the market, with 56.1 million users for Zelle, 38.7 million users for Venmo, and 16.2 million users for Square Cash in 2017. 

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Though this feature did not get much usage and was in strict competition with services such as Venmo and Zelle, TechCrunch also brought to light that Snapcash has been used for adult entertainment purposes. They noted that a simple Twitter search for "Snapcash" reveals payment exchanges for adult content. 

The company, which has been expanding into new avenues, such as their new Snapchat accessory, Spectacles, spoke with TechCrunch about the departure: “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.” 

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