Ever used SnapCash? No? Neither have I, but the peer-to-peer payment system launched by Snapchat is popular for the adult performance industry.
Snapcash was setup four years ago as a way of allowing users to easily pay one another through the Snapchat app. Increasingly important for Snapchat as it aims to branch into the commerce industry and allow for users to purchase through the social media platform.
Despite the connection with ‘Square’ to successfully launch the addition, the actual feature has for the most part, been mainly used by adult performers to have their viewers send them cash for private video shows and pictures.
With this increasing phenomenon of behind-the-scenes business, along with other popular peer-to-peer payment systems such as Paypal, Google Pay, Venmo & Square cash – has meant that Snapcash is set to close down.
Well according to Ishan Agarwal with Techcrunch – a line within the APK code showed “Snapcash will no longer be available after %s.” – Yikes. The percentage sign here is a line of code to grab a specific date from another source, however a recent Snapchat spokesperson explained, “Yes, we’re discontinuing the Snapcash feature as of August 30, 2018. 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!”
It’s unsure as to how Snapchat aims to work around this closure and whether or not they will team up with another P2P platform to successfully branch the social media app. If one thing is for sure though, it looks like adult performers will have to switch to Venmo & Paypal to keep running their businesses and perhaps steer away from Snapchat altogether.
What are your thoughts on Peer-to-Peer Payment systems? Did you use Snapcash and if so what for?
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