In 2014, Snapchat announced it would be incorporating a peer-to-peer payment feature into its mobile messaging/photo sharing application called Snapcash. The new feature would allow users of the app to link their bank or debit card information in order to send and receive money by using the currency symbol. The user would simply type “$” and the desired dollar amount into the messaging field of the app, and would then be able to send money to the intended recipient.
However, reports from technology blog TechCrunch say the company will be pulling the plug on the feature.
TechCrunch claims code buried in the latest update for the Android version of the app included a “Snapcash deprecation message” that indicated “Snapcash will no longer be available after %s [date].”
After the discovery, the tech blog reached out to Snap Inc. and it was confirmed that the feature will no longer be available after August 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 last four years and for Square’s partnership,” the Snap Inc. rep said.
The feature was powered using Square, which means its removal will now bring an end to a four-year partnership between the two companies.
There is quite a bit of speculation surrounding the removal of the feature. Many believed being able to send money via Snapchat, an app known for sending disappearing images, would lead to the monetization of porn. According to VICE, it is sort of an open secret that “Snapchat is a popular destination for sex workers — like cam girls, for example — to advertise their services and sell nudes.”
“If you’re able to take 15 seconds to send nude Snapchats to a 1,000+ fans for $1 a pop, doesn’t that seem like less of a hassle than scheduling live shows and far less dangerous than escorting?” Chico Dusty, who runs an adult website, said while speaking to the Daily Dot.
Since the Snapcash feature is often being used to pay for nude photos and videos, Android Police believes this could possibly become a liability for the tech company.
Additionally, Snapcash had more than its fair share of competition in the peer-to-peer cash transfer game. Companies like PayPal and Venmo offer the same services; there is also Google Pay from Google and Apple Pay from Apple. Even Facebook has created a way for their users to send and receive cash via their platform, as previously reported by the Inquisitr.