Snapcash Is Out and Venmo Is In
Snapchat to shut down Snapcash on August 30th
Who actually uses Snapcash? None of us at The Sitch, nor any of our friends have ever used the feature of Snapchat once since it rolled out back in 2014. Turns out that some of the people using Snapcash are adult performers getting paid for private content on Snapchat. If you do a quick search on Twitter, you’re likely to see a few choice people offering their services via the payment method. This, of course, isn’t good for a publicly traded company that was originally rumored to have started as an easy way to send nudes.
Snap announced that it will be abandoning the feature starting August 30th. TechCrunch reported that there’s actually code buried in Snapchat’s Android app that includes a “Snapcash deprecation message” that displays “Snapcash will no longer be available after %s [date]”. This will be the end to Snaps four year partnership with Jack Dorsey’s Square.
And it’s not like there aren’t any other options to choose from. Venmo, PayPal, Zelle, and Square Cash are but only a few of the apps out there that allow friends to split bills and pay each other back after dinner and drinks.
Snapcash was just one of the ways that Snap is attempting to turn Snapchat into a commerce platform, hinted by its Snap Store. The Snap Store allowed people to shop without ever leaving the app.
While Snapcash won’t be part of Snapchat’s future, it’s hard to tell where exactly the company plans to go next. It’s been reported that Snap has had to make layoffs and is in desperate need to attract and retain advertisers to hit missed revenue estimates.
Let us know if you’ve ever used Snapcash or what other money transfer app you use instead in the comments section below. And don’t forget to subscribe to The Sitch for more Snap news and other entertaining reads.