Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

Snapcash Will Be Discontinued From August 30 for Unspecified Reasons

Aniruddha Paul
Aniruddha Paul
Writer, passionate in content development on latest technology updates. Loves to follow relevantly on social media, business, games, cultural references and all that symbolizes tech progressions. Philosophy, creation, life and freedom are his fondness.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

Snap said on yesterday, July 22 that it will discontinue its money transfer service Snapcash from the coming August 30.

Snapcash was one of the services the company launched during the growing popularity of its chat service Snapchat, in 2014. But just like Snapchat gets outperformed by Instagram, there have been other online money transfer services chosen over Snapcash, like Venmo and the services of Google, Facebook, Apple, Zelle and more.

Snap, of course, did not officially state any reason for its decision of shutting down the service. It expressed thankfulness in its statement: “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.”

Reasons behind the halt of the growing popularity of Snapcash are majorly its connection with erotic contents and Snap’s low-grade record on security. Some Twitter users even advertised sexually explicit photos in return for Snapcash payments!

As a follow-up to these consequences, it becomes seemingly obvious that people would go for more popular or newer money transfer services, especially when those would be associated with the big brands like Google and Facebook.

Snap will be announcing its next earnings report on August 7. During that time, we hope to get some updates on its doings of the development of Spectacles second-gen in Snapchat for shooting videos outside the app.

Redesigning the Snapchat app and infusing convenient and advanced features will do some good for the company in boosting revenue and user growth. That’s exactly what it is doing right now, and a future release of the Spectacles 2nd-gen and dissolving Snapcash might just be two new steps in the process.

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic