The company has decided to close Snapcash, its payment service, on August 30.
Snapchat closes its payment service, Snapcash
In 2014, the application Snapchat launched a payment system among its users, thanks to a collaboration with Square .
It was thought that it would be very successful, although in the end it was not.
According to Techcrunch, Snapchat closes its payment service on August 30.
So from September this functionality will not exist within Snapchat.
Although officially, the reasons have not been specified yet.
Possible reasons for closure
As we have said, the company has not commented on the reasons for this decision.
But everything indicates that the competition is increasing and they can't take it anymore.
Large companies like Google , Facebook and Apple have incorporated similar payment systems.
In addition, other companies have appeared such as Venmo in the United States or Bizum or Twyp in Spain that allow payments between family and friends in a very simple way.
To this is added the lack of security that exists in Snapcash, which did not give users enough confidence to make payments.
The use of Snapcash has even been associated to receive money in exchange for material of an erotic or sexual nature. Something that has rightly worried Snapchat.
If we add to all this that he is currently not having a good time.
The stories of Instagram have caused many users to abandon this social network a bit and lose users.
For all of the above, the news that Snapchat is closing its payment service between users seems logical. Don't you think so?
What about user accounts?
At the moment we don't know what will happen to the user accounts.
Snapchat has confirmed that they are calm and that they will be informed through notifications within the same application.
Now it's time to wait for new news.
What do you think of this decision of Spachat? Did you use Snapcash?
