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Snapchat is Shutting Down Snapcash, its Payment Service, on August 30th

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

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Snapchat
Teenagers prefer Snapchat over Facebook, Instagram: Study. Pixabay

Photo-messaging app Snapchat is reportedly 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 recieve money without having to leave the app.

snapchat
Snapchat on a smartphone device. IANS

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.

Also Read: Snapchat’s Camera May Help You Shop at Amazon

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. (IANS)

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Photo-messaging App Snapchat Stops Losing its Users

While Snap lost users because of its reviled redesign, the company stressed it ultimately resulted in 30 per cent more people watching Snapchat-exclusive stories and shows, according to The Verge

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Snapchat is reportedly planning to launch more
Snapchat, IANS

Photo-messaging app Snapchat’s losses seem to have stabilised as the company did not add any user in the last quarter and did not lose any either.

Snap, the photo-sharing app’s parent company has said it added 186 million daily users in the final three months of 2018, unchanged from the prior quarter and ending a streak of two consecutive quarters of declining users, CNN Business reported late on Tuesday.

Earlier, Snapchat witnessed a fall in users in the wake of a controversial early 2018 redesign of the app that was intended to revive user growth but initially appeared to do the opposite.

Snapchat
Snapchat in a smartphone device.

Apart from the stable user base, Snap has also reportedly set a new record for quarterly revenue at $390 million, which brings its yearly total to more than $1.1 billion.

“In 2018, we focused on building a foundation to scale the business over the long-term by driving sustainable product innovation, scaling our advertising platform, and hiring the leadership team that will help us achieve our future goals. We ended the year with user engagement stabilising,” Evan Spiegel, Co-founder and CEO, Snap was quoted as saying in the report.

Also Read- Bonus For Facebook Employees Aiding With Social Issues

While Snap lost users because of its reviled redesign, the company stressed it ultimately resulted in 30 per cent more people watching Snapchat-exclusive stories and shows, according to The Verge. (IANS)