From August 30 Snapcash peer-to-peer money transfer service would be discontinued by Snap Inc. which was company’s hope of establishing its position among money transfer players of the system. Information regarding the service has been revealed by TechCrunch which has received confirmation.
“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,” confirmed snap regarding the shutdown.
Launched at the time of its peak popularity with Square back in 2014 was going to be a rewarding association for the two as one got a popular name to align with while the other got a payment platform which was owned by only a few players but the venture failed to gain success and would end this August.
One of the payment platforms was Venmo which was a household name for many users and slowly increasing competition from the other players like Facebook, Zelle, Apple Pay Cash and Google Pay made the competition stiffer.
Obviously, revenue remained the biggest reason leading to shutting but the security remained one of the major reasons for distraction depleting the number of users and Snapcash seems to be associated with some erotic content online and with some Twitter users advertising erotic photos in exchange for Snapcash payments.
The fall in revenue continued as Snap Inc. reported disappointing revenue in its Q1 earnings report for 2018, reporting quarterly revenue of $231 million. The expectation was $244.5 million, according to a Thomson Reuters consensus estimate. That follows a near $350 million loss in the fourth quarter of 2017.
As the company would lose on the revenue it has been busy trying to boost revenue by adding redesign elements to make app more web-friendly and update second generation Spectacles.
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