Snapchat to shut down payment transfer service Snapcash

The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles

Snapchat is all set to end its payment transfer service - Snapcash - on August 30 this year.

According to a report in TechCrunch, a spokesperson for Snapchat confirmed that the service will be discontinued on the mentioned date. He also added a notification informing the same will also hit the Snapchat app and its support site as early as possible.

The spokesperson said that Snapcash was the multimedia-messaging app's first product created in partnership with another company - Square and the company will instead renew its efforts on becoming a major e-commerce platform.

After being launched in the year 2014, Snapcash had to face heavy competition from growing peer-to-peer payment apps like PayPal, Venmo and Zelle.

From its original costing of USD 130, the Snapchat Spectacles are available for USD 60 as of now. Also, the Lens Explorer feature allows the users to find community creations easily.