Snap is shutting down Snapcash, its payment service, on August 30th

If you don’t remember Snapcash, don’t worry — on August 30th, Snap will discontinue its peer-to-peer money transfer service that launched at the height of the messaging app’s popularity.

Snapcash was announced back in 2014 when Instagram has yet to steal Snap’s users with the disappearing stories format, and Venmo was one of few apps you can use to send money to friends. Today, Snapchat is struggling to grow its user base against Instagram, and companies like Google, Facebook, Apple, and Zelle have begun offering their own services for transferring money to contacts. In a statement to Techcrunch, Snap confirmed Snapcash’s shutdown. “Snapcash was our first product created in partnership with another company – Square. We’re thankful for…

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