Snap will cease operations of its peer-to-peer payment service Snapcash next month, according to a new report.
This weekend, TechCrunch discovered buried code within the Google Android version of the media company’s popular Snapchat app suggesting that the service would be shuttered. The Los Angeles company later confirmed that it would end service on Aug. 31.
The company formerly known as Snapchat launched Snapcash in 2014. Through a partnership with Square, the company aimed to allow its users to easily send money to friends, a feature popular among competing apps.
Snap did not specify why it chose to end the service, though in a crowded peer-to-peer payment landscape—including Venmo, Square, Zelle, and Facebook—the company may find the service unnecessary or out of scope. The TechCrunch report also notes that the service has been used as a way for users to pay for “erotic content,” which the company may seek to curb.
