INSUBCONTINENT EXCLUSIVE:
Snap is closing its peer-to-peer payment service, Snapcash
The feature, which is built into Snapchat, will shut down on August 30.Eagle-eyed teen Ishan Agarwal spotted a deprecation message in the
code of Snapchat's Android app, and the company later confirmed to TechCrunch that Snapcash is on borrowed time."Snapcash was our first
stringsSnapcash launched in 2014, with a goal of making sending money "fast, fun and incredibly simple"
Users registered a debit card using Square, then simply entered a dollar symbol in a chat, followed by an amount, to send cash to another
person.Unfortuantely for Snap, competition in peer-to-peer money sharing is tough, with apps including Apple Pay, Google Pay and Venmo all
offering established services, and other social platforms like Facebook Messenger getting in on the act.
