If you do not remember Snapcash, do not worry – on August 30, Snap will stop its peer-to-peer money transfer service, which started at the height of the messaging app's popularity.
Snapcash was already announced in 2014, when Instagram stole the "Disappearing Stories" format from Snap users, and Venmo was one of the few apps to send money to friends. Today, Snapchat is struggling to expand its user base against Instagram, and companies like Google, Facebook, Apple and Cell have begun offering their own services to transfer money to contacts. In a statement to Techcrunch Snap confirmed Snapcash's decommissioning. "Snapcash was our first product in partnership with another company ̵
Although Snap did not explain why Snapcash is being shut down It is likely that the service was never quite as successful as Venmo grew as Google and Apple began to add a similar feature to their respective mobile operating system. Techcrunch 's report also notes that Snapcash seems to be connected with some erotic content online, with some Twitter users advertising sexually explicit photos in exchange for Snapcash payments. In addition, Snap's track record in terms of security is not exactly appealing to users to entrust their personal information.
The company sought to boost revenue and user growth through a redesign that makes the app more web-friendly A second-generation release of Spectacles that captures videos that can be viewed outside of Snapchat. The hope, Snap says, is to grow beyond the core mobile app – and we'll see how good these efforts are when the company announces its next earnings report on Aug. 7.