On August 30, 2018, Snap Inc. announced that it would be discontinuing its Snapcash service. The service, which was launched in 2014, allowed users to send and receive money via Snapchat. While the service was popular among some users, it failed to gain traction with a wider audience. In addition, competition from other payment platforms such as Venmo and Square Cash made it difficult for Snapcash to keep up. As a result, Snap Inc. decided to shut down the service.