The feature allows users to link their debit cards to their account and quickly send money to a contact by starting a chat on a smartphone, typing in a dollar sign and an amount and hitting a green button.
Back then, when it was launched, Snapchat had said in a blog post, "We set out to make payments faster and more fun," but it's pretty clear now that they have been struggling.
According to a report by TechCrunch, a code found in Snapchat’s Android app has a “Snapcash deprecation message” that displays “Snapcash will no longer be available after %s [date]”
The code was provided to TechCrunch by tipster Ishaan Agarwal, and when the code was presented to a Snapchat, a spokesperson confirmed saying that "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!"
The report also hints at a PR crisis, which could be a reason for the shutdown. Snapscash seems to be associated with some sexually explicit content online, where users advertise erotic content in exchange for money over Snapcash.
While Snapchat's plans to improve its strategy in terms of commerce is still under question, it does seem like it's trying to boost its revenue and grow.
Recently, Snapchat announced that they are working on a visual product feature named 'Eagle' where users can scan objects, barcodes, songs and other objects and then Amazon will show results regarding the same. The tool can apparently be used to create the Snapchat camera as a tool which can be used beyond social media.