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July 23 2018

Snapchat’s Peer-to-Peer Payment Service ‘Snapcash’ to Be Shut Down on August 30

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Photo-messaging app Snapchat is terminating its digital peer-to-peer payment service ‘Snapcash’ on August 30, ending its four-year-long partnership with US-based mobile payment company Square.

“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,” TechCrunch quoted a Snapchat spokesperson as saying late on Sunday.

Snapcash used the regular number, expiration date and card verification value (CVV) of a debit card, allowing Snapchatters to shop, send, and receive money without having to leave the app. The feature, however, did not allow cancellation of payments once the process was completed.

The digital-payment feature was made part of Snapchat back in 2014 in partnership with Square that handled the actual payment processing.

Even though the purpose of the feature was purely for user-convenience, it was exploited by users who offered adult content in exchange for payments through Snapcash. The misuse could have caused Snapchat serious legal and PR problems.

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Financial Services Risk & Compliance