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 via Snapcash. However, this service is no longer available as of the end of August 2018.
As inconvenient as it is, there’s no need to worry about money being sent through Snapcash before the break. Additionally, there’s a peer-to-peer mobile payment app that Snapchat recommends as a good alternative.
In this article, we’ll take a closer look at what happened to the money you sent earlier. You will also find a section on how to use Cash App (the alternative mentioned above).
Where has all the money gone?
Before the break, you just had to add your debit card to your Snapchat account to start receiving or sending money. From there on, the whole process was straightforward. Just like PayPal, you may receive money even if you didn’t link your debit card.
Enter any chat and you can type in a dollar sign and tap a button to send money. If you were on the receiving end, Snapchat would send you a notification and the money would be instantly deposited into your account.
Sounds pretty cool, right? Except the first rumors about the outage appeared in early July 2018. And Snapcash only continued to work until August 30, 2018.
If you didn’t have a debit card connected, you had a 48-hour window to do so if you wanted to withdraw the cash. Otherwise, the money would be returned to the sender. As a Snapcash user, you will be able to preview your transaction history for a month after the shutdown before it disappears.
How to use the cash app
According to Snapchat, Snapcash was also available via App for cash . So you might like the app if you were an avid Snapcash user. Here’s how to use this payment system:
Download and install the app and use the in-app wizard to link the app to your bank account (debit / credit card). After that, it’s easy to request or send money.
To request money on Cash App, you just have to type in the desired amount and press Request (bottom left) and then enter the sender ID and purpose. The app allows you to request via the sender’s $ Cashtag, email, name or phone number.
When you’re ready, tap Request in the top right corner.
Sending money with Cash App is similar to requesting money. But before hitting Pay, tap the drop-down menu at the top of the screen to select your preferred payment method.
Useful settings and features 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 at an ATM.
To preview / change settings, tap the profile icon in the upper left corner. The following menu allows you to set a security lock, which can be a cash PIN or a fingerprint scan. You can preview your funds and linked cards / bank accounts from the same menu.
The Cash app is also compatible with Bitcoin and you can purchase the cryptocurrency via the app. If you want to add other payment methods, tap Add Bank in Funds and complete your account information.
The Auto Add Cash option is also available, and you can set it to various conditions, such as a certain frequency or when your balance is low. Of course, you can cancel the feature at any time.
Among other things, the app also allows you to customize your privacy settings, change your profile information, and more.
Why did Snapchat cancel Snapcash?
The company did not make a public announcement as to why it decided to discontinue the peer-to-peer payment service, nor did it report Snapcash usage statistics.
But one might assume that maybe it’s because Snapchat has become (probably inadvertently) the place to market amateur adult content. As a result, some users may have abused Snapcash to get explicit images from other users.
Cha-Ching, you have cash
As mobile payments are on the rise, it’s surprising that Snapchat has decided to cancel Snapcash. Additionally, a code leak revealed that you may be able to use the Snapchat camera to scan products and be taken straight to Amazon’s results.
This isn’t quite the same as Snapcash, but it could be some kind of e-commerce marketing. When all is said and done, it’s best to check out the Cash app if you have a soft spot for Snapcash.