Snap Inc. is going to end its payments service Snapcash, currently a feature on Snapchat that allows friends to split bills, though some often use it as a way to pay adult performers for private content.
The feature will officially shut down on Aug. 30. Code buried within the Android version of the app reveals a "Snapcash deprecation message" that says "Snapcash will no longer be available after %s [date]."
Snapchat Shuttering Down Snapcash Feature
Tech tipster Ishan Agarwal was the first to notice those lines in the code. A Snap Inc. spokesperson has since confirmed that it is indeed going to halt the feature by the end of August.
"We're thankful for all the Snapchatters who used Snapcash for the last four years and for Square's partnership!" Users will be notified via the app and through the support site soon, according to the spokesperson.
The move will mark the end of Snap Inc.'s four-year partnership with Square, the company that's currently powering the feature. It's probably a wise decision on Snapchat's end — as TechCrunch notes, Snapcash may have become more of a liability than an asset. With far more popular payments apps, including PayPal, Venmo, and Zelle, there were plenty of other methods of paying back friends, so Snapchat may have seen low usage. Also, as mentioned, it's become a way for users to purchase nudes or other more explicit content from adult performers.
What Will Happen To The Rumored Visual Search Integration With Amazon?
With Snapcash on its way out, the company has to either find an alternative payment method or rely on a popular third-party option. That's an important choice it will have to make soon as the company aims to evolve beyond its social media elements and become more of a commerce platform, where users can shop without having to exit the app. Just recently it was reported that the company has partnered with Amazon to develop Visual Search, with the camera identifying real-world products and the app bringing the matching Amazon links.
How deep this integration will go remains uncertain, but if Snap Inc. wants to become a force in the online shopping landscape, it will need to have a robust payments solution at the very least. It needs to act fast, too — reports say rival Instagram is soon going to implement shopping as well.
Snapcash won't be part of Visual Search, that much is clear. But which mobile company will? Make sure to check back with Tech Times as we learn more about the company's plans. In the meantime, feel free to sound off in the comments section below if you have any thoughts!