PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Friendly Picture Sharing Takes a Bad Turn With Money: SnapChat Abandons Payments

By Tim Sloane
July 24, 2018
in Analysts Coverage
0
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
snapchat

snapchat

This article in BankingTech indicates that SnapChat has discontinued its payment function as the lure of money for pictures created a market for adult content, which is a major concern for banks and one of the reasons Zelle doesn’t offer linkages to social networks:

“Snapchat’s peer-to-peer payment add-on, Snapcash, has said that it will discontinue its service on 30 August of this year, as it struggles with competition and PR image, the firm confirmed to TechCrunch.

The Android version of the app includes a line of code that says: “Snapcash will no longer be available after %s [date].”

On the one hand, more popular options like Venmo, PayPal, Zelle, and Square Cash have been eating away at the payments market with more success than Snapchat.

On the other hand, many users were selling adult content of themselves via the platform, which may potentially lead into a PR mess for misuse – it’s bad enough as it is.

There are rumours, however, that the app plans to become an e-commerce platform, as brands are attracted to selling their items through the app, which makes it seamless by storing payment info.

Snapchat seems to resign itself to dissolve the payments feature, as recent lay-offs, difficulty to attract advertisers and the aforementioned bad PR seem to be taking a toll at the firm.”

PayPal had similar problems when users were either too honest or perhaps making bad jokes in the Venmo transaction description. These comments resulted in several investigations by law enforcement. Banks are notoriously risk adverse so I doubt we will see Zelle connected to a social network anytime soon. This of course doesn’t stop the funding of a dubious enterprise it just makes the purpose of the transaction invisible.

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Snapchat

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result