Snapchat Is Pulling the Plug on Its Snapcash Payments Feature, Developed With Square

It will be discontinued Aug. 30

Snapcash debuted in November 2014 Snapchat
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Snapchat teamed up with mobile payments company Square in November 2014 to roll out Snapcash, a way for users of the messaging application to easily transfer money to each other.

However, Snapcash is on its way out as of Aug. 30, along with the partnership between Snapchat and Square.

Twitter user Ishan Agarwal discovered references in Snapchat’s code to the depreciation of Snapcash, and he shared screenshots of those references with Josh Constine of TechCrunch.

A Snapchat spokesperson confirmed the demise of Snapcash, saying that users will be notified via the application and through the Snapchat support site, and adding, “We’re discontinuing the Snapcash feature as of Aug. 30. Snapcash was our first product created in partnership with another company, Square. We’re thankful for all the Snapchatters who used Snapcash for the past four years and for Square’s partnership.”

Snapchat would not provide any further details, but Constine may have surfaced one reason for the phase-out of the feature, pointing out that searching Twitter for Snapcash brings up several instances of erotic content being offered in exchange for payments via the feature.

Square confirmed the end of the partnership with Snapchat and shared the following statement: “With more than 7 million monthly customers, Cash App continues to see strong growth, while delivering utility and flexibility for individuals’ money. We continue to focus on building new features that address the financial needs of our customers as we work to expand financial access for all.”

The demise of Snapcash does not necessarily mean that Snapchat is abandoning ecommerce: Earlier this month, app researcher Ishan Agarwal discovered references inside the code for Snapchat’s Android application to Eagle, a visual search feature, including references to Amazon, Shazam and other partners, as well as to sellers, reviews, copy URL, share product and send product. David Cohen is editor of Adweek's Social Pro Daily.