Back in 2014, Snapchat partnered with Square to create an easy-to-use mobile payment system. For about four years, users have been able to send and receive money through Snapcash. However, this service is no longer available from the end of August 2018.
Useful settings and functions of the Cash app
Compared to the discontinued Snapcash, the Cash App offers more payment options. For example, the app offers users a free Visa debit card that they can use to withdraw money from an ATM.
To preview/change settings, tap the profile icon in the top left corner. The next menu allows you to set up a security lock, which can be a cash PIN or a fingerprint scan. You can view your funds and linked cards/bank accounts from the same menu.
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The Cash app is also Bitcoin friendly and you can purchase cryptocurrency through the app. If you want to add more payment methods, just click Add Bank under Funds and enter your account information.
The Auto Add Cash option is also available and you can set it up for different conditions, such as a certain frequency or when your balance is low. Of course, you can cancel the function at any time.
Among other things, the app also allows you to customize your privacy settings, change your profile information, and more.
Why Snapchat canceled Snapcash
The company has not made a public announcement as to why it has decided to discontinue its peer-to-peer payments service, nor has it provided statistics on Snapcash usage.
But one can speculate that perhaps it's because Snapchat has (perhaps accidentally) become a place to sell amateur adult content. As a result, some users may have used Snapcash to obtain explicit images from other users.
Cha-Ching you got cash
Given the fact that mobile payments are on the rise, it's surprising that Snapchat has decided to cancel Snapcash. Also, the leaked code showed that you can use the Snapchat camera to scan products and jump directly to Amazon results.
It's not exactly the same as Snapcash, but it could be a kind of e-commerce marketing. When all is said and done, your best bet is to check out the Cash App if you have a soft spot for Snapcash.
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