Snap is shutting down Snapcash on August 30th

Time for all the Snapcash lovers to bid farewell to the peer-to-peer payment service.

Snapchat’s mobile payment service, Snapcash will officially shut down on August 30th. A spokesperson for Snapchat confirmed this to TechCrunch that the company is discontinuing the Snapcash feature. The feature has been available to users that have been using iOS and Android in the United States.

Snapcash was announced four years ago in partnership with mobile payments service, Square. At that time Snapchat was highly popular and Instagram had still not stolen the disappearing stories feature. Now as Facebook has started stories feature on its social media platform, WhatsApp and Instagram, Snapchat seems to have lost its edge. Moreover, Google, Apple, and Facebook offer their own money transfer services, therefore Snapcash struggled to grow its user base.

TechCrunch’s report also explains how Snapcash was also used for selling some erotic content online where some Twitter users posted some sexually explicit photos and demanded Snapcash in exchange for more.

Furthermore, Snap’s track record for security poses serious vulnerability of phishing to its users. In February this year, a phishing attack resulted in exposing username and password of 50,000 Snapchat users.

The company is attempting to upsurge revenue and growth by bringing the redesigned interface for making the app more web friendly. Snapchat has further added a lot of exciting filters.