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The Disappearing Act: Why Snapchat is Saying Goodbye to Snapcash

Snapchat Will Say Goodbye to Their Snapcash Feature by the End of Summer

Snapchat has come far from its original intention of sending and receiving short, disappearing pictures and videos. The app has thrived in becoming a social app and has grown to include new features for users, recently including 60-second Snaps, customizable Geofilters, the Snap Map, and much more.

Another one of Snapchat’s features, Snapcash, was less of a success than they would have hoped. Like many other mobile applications, Snapchat jumped on the peer-to-peer payment service bandwagon not too long ago.  The difference between Snapchat and other apps is that Snapchat will be jumping off that bandwagon by the end of August. So, why will Snapchat say goodbye to Snapcash?

Snapcash was originally a partnership between Snapchat and Square. This feature was actually unveiled around four years ago, and allowed people to send money through private messages in the Snapchat app by simply typing in the desired dollar amount. Square’s responsibility was to securely store card information, process the payments, and deposit them in into the receiver’s bank account.

The reasons behind this disappearing act are not yet known for sure, but there is some speculation. One possible explanation for the shutdown is the accelerating competition with similar peer-to-peer payment services like Apple Pay, Venmo, and even PayPal. Another reason may be due to the feature’s lack of popularity. It is unclear how many Snapchatters actually use the Snapcash feature, especially compared to competing apps.

For the Snapchatters who do use Snapcash, the feature will be available until the end of August 30, 2018. Snapcash sent before that date will either be received by users who have linked their debit card to Snapcash or will be returned to the sender’s bank account. Transaction history will also be available until September 30, 2018.

Snapchatters will likely forget about Snapcash as quickly as their Snaps disappear from users’ inboxes. The close of the Snapcash door will only be the opening of another one for the social media platform. Famous for rolling out new features, there will undoubtedly be another update to Snapchat very, very soon.

If you think Snapchat would be a great marketing tool for your business- or maybe you need a bit of guidance on which social media platforms are right for you- contact the social media experts at Kraus Marketing today!