Snapchat introduced its money transfer feature in November 2014, as a way to easily send money to your friends using the popular instant messaging platform. The feature was made possible thanks to Snapchat’s partnership with Square, which also stored all credit card information.
“Yes, 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!”, says an official Snap statement published by TechCrunch.
Users will officially get an in-app notification about the service shutting down. Whether the feature didn’t really take off as expected, or the reason behind discontinuing the feature is the often quoted misuse (for adult performance) is unknown, as the company didn’t justify its decision yet.