Snapchat will shut down its peer-to-peer payment service Snapcash on August 30

When it comes to web-based services, many of them end up being used for sharing adult content or paying for it sooner or later, straying as far as possible from their intended purpose. Unfortunately for Snapchat, its peer-to-peer payments service Snapcash ended up precisely in this position and will be discontinued at the end of next month.

Indian teenager Ishan Agarwal recently discovered a deprecation message in the Snapchat app for Android that says "Snapcash will no longer be available after %s [date]" and makes it clear that the service will be going down. Contacted by TechCrunch, the company also confirmed the date: "Yes, we’re discontinuing the Snapcash feature as of August 30, 2018. Snapcash was our first product created in partnership with another company – Square. We’re thankful for all the Snapchatters who used Snapcash for the last four years and for Square’s partnership!"

With Snapcash gone, Snapchat is expected to add a visual product similar to Google Lens that is currently known as "Eagle" and will scan various objects and deliver relevant results from Amazon. However, although the Amazon references that were spotted in the code of Snapchat's app were apparently removed, remains to see what happens in the coming months.

Are you a Snapchat user? Have you ever used it? Do you think there is still room for them in today's crowded social networking landscape? Let us know in the comments.