Snapcash ended up as a approach to pay grownup performers for personal content material over Snapchat, not only a approach to break up payments with buddies. However Snapchat will abandon the peer-to-peer cost area on August 30th. Code buried in Snapchat’s Android app features a “Snapcash deprecation message” that shows “Snapcash will now not be accessible after %s [date]”. Shutting down the characteristic will convey an finish to Snapchat’s four-year partnership with Square to energy the characteristic for sending individuals cash.
Snapcash might have turn out to be extra of a legal responsibility than a utility. With apps like Venmo, PayPal, Zelle, and Sq. Money itself, there have been loads of different methods to pay again buddies for drinks or Ubers, so Snapcash might have seen low professional utilization. In the meantime, a fast Twitter search for “Snapcash” surfaced loads of provides of erotic content material in trade for funds by way of the characteristic. It could have been safer for Snapchat to ditch Snapcash than danger PR issues over its misuse.
TechCrunch tipster Ishan Agarwal offered the under screenshot of Snapchat’s code to TechCrunch. When offered with the code and requested if Snapcash would shut down, a Snapchat spokesperson confirmed to TechCrunch that it will, explaining: “Sure, we’re discontinuing the Snapcash characteristic as of August 30, 2018. Snapcash was our first product created in partnership with one other firm – Sq.. We’re grateful for all of the Snapchatters who used Snapcash for the final 4 years and for Sq.’s partnership!” The spokesperson famous that customers can be notified in-app and thru the assist web site quickly.
Snapcash gave Snapchat a approach to get customers to attach cost strategies to the app. That’s more and more vital because the company aims to become a commerce platforms the place you may store with out leaving the app. Having cost data on file is what makes shopping for issues by way of Snapchat simpler than the online and attracts manufacturers to make use of Snapchat storefronts.
We’ll see how Snapchat plans evolve its commerce technique with out this driver. Earlier this month, TechCrunch revealed that Snapchat’s code contained mentions of a challenge codenamed “eagle” that’s a digital camera search characteristic. It was designed to permit customers to scan an object or barcode with their Snapchat digital camera and see product leads to Amazon. However since our report, mentions of Amazon have disappeared from the code. It’s unclear what’s going to occur sooner or later, however digital camera search may give Snapchat new utility and monetization choices.
Snapcash received’t be part of that future, although. Given Snapchat’s cost-cutting efforts including layoffs, its determined want to draw and retain advertisers to hit income estimates its missed, and its persistent unhealthy rap as a sexting app, it couldn’t afford to assist pointless options or one other scandal.