Snap Inc. got rid of Snapcash — here's why it was a good decision for the company

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• Snapchat will shut down its peer-to-peer payment app, conceding to Pay Pal's Zenmo and Square's Zelle. 
• Snapchat suffered due to competition from other peer-to-peer payment apps, social media platforms like Facebook and Instagram, and public clashes with celebrities. 
• Being able to transfer payments also complicated Snapchat's attempt to transition away from being labeled a sexting app as Snapcash mostly flourished in providing payment for erotic content.

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Snap will pull the plug on Snapcash, its mobile peer-to-peer payments app for Snapchat, on Aug. 30. Snap launched Snapcash in late 2014 via a partnership with Square, but it didn't gain much ground against bigger rivals like PayPal's Zenmo, Square's own Cash app, and Zelle.

Zenmo, Zelle, and Square Cash were the three most popular mobile P2P payment apps (in that order) in the US last year according to eMarketer. Those three apps had a combined monthly active user (MAU) base of 40 million.See the rest of the story at Business Insider

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