Snapchat Is Ending Its Money Transfer Service, SnapCash

Snapchat Is Ending Its Money Transfer Service, SnapCash

Image result for snapcash

Tragedy has recently struck one particular company in the social media world. Confirmed by TechCrunch, Snapchat is ending its money transfer service, Snapcash, on August 30, 2018.

So what does this mean for Snapchat users? Well, it didn’t say what’d happen to users’ accounts, but it did promise that they’d be notified.

This may devastate those frequent Snapcash users, but this was bound to happen eventually with all the competition that Snapcash faces.

 

Snapchat Couldn’t Keep Up With The Competitors

Snapchat officially launched Snapcash in 2014 as a partnership with Square, another money transfer service.

This partnership gave both entities a boost: For Snapcash, they got a payment platform with little-to-no work. For Square, they were able to attach their service to a very familiar brand.

Snapcash provided Snapchat users with an easy way to send money, but it failed to attract interest outside of paying for adult content.

Now this most likely isn’t the main reason for the ending of Snapcash, but it’s definitely not good for the company’s image.

Now the real reason Snapcash is ending has not yet been revealed, but there’s a good chance it’s due to their inability to fight off the competition. 

One of the competitors that Snapcash wasn’t able to compete with is Venmo.

Venmo has really been the go-to apps when it comes to paying your friends.

Unfortunately, however, Venmo isn’t Snapcash’s only competitor.

They’re also going up against competition from the likes of Facebook, Zelle and even Apple Pay Cash and Google Pay.

That said, no matter how well Snapcash worked, it was just one platform that couldn’t continue swimming above the surface.

 

What’s Next For Snapchat?!
Image result for snapchat project eagle

According to TechCrunch, earlier this month, they revealed that Snapchat’s code mentioned a camera search feature codenamed “eagle.”

It’s designed to allow users to scan an object or barcode using their Snapchat camera and see product results in Amazon.

But since the report, mentions of Amazon have disappeared from the code.

It’s unclear what will happen in the future, but camera search could give Snapchat new utility and monetization options.

So it’ll be interesting to see how Snapchat executes its commerce strategy now that it’s discontinuing Snapcash.

Only time will tell!

Social Media Benefits

Social Media Benefits

If you have a business, you need a social media presence. At the very minimum, you should be on Facebook, Instagram, and Twitter. However, if you can handle more sites and they are relevant to your niche, then feel free to get on as many as you possibly can. However, we must stress that you need to ensure that you are keeping all your social media channels up to date. If you are not, you will not be enjoying a single one of these benefits:

 

Increased Brand Recognition


Every time you share a piece of content, it is going to be put in front of your followers. Your brand is going to be visible. Eventually, your brand will be recognizable. Your brand will start to become synonymous with whatever you are trying to sell.

Some customers check for the social media presence of a company on multiple networks before they commit to a purchase. If they do not see a company presence online, they are less likely to trust the company and may end up shopping elsewhere.

You can also use your social media networks to establish the voice of your brand.

 

Go Viral


This is probably one of the biggest benefits of having a social media presence. As a small business owner, you will know that ‘word of mouth advertising’ is the best form of advertising. When you are using social media, you will be kicking that into overdrive.

If you share quality content, people will share it with their friends and family. These friends and family may then share that content on further. Every time your content is shared, there are dozens, if not hundreds, of extra eyes on it. This could make you a serious amount of money. It will also get eyes on your business who may not have considered shopping with you before.

 

More Opportunities To Convert


If you only have a website, the only time people are going to have the opportunity to buy from you is if they head to your website. With social media, every time you share a post, you are increasing the number of opportunities to convert a customer. They may not have considered visiting your website in a long while, but if they see your link pop up, they may want to check it out. They may end up making a purchase!

Many studies have indicated that conversion rates through social media are higher than conversion rates on any other platform!

 

Opportunity To Connect With Your Customers


Finally, social media adds a bit of a ‘human element’ to your business. People love to purchase from companies that seem to have a face. If you look at some of the social media profiles of the largest companies in the world, they have all been ‘humanized’ as opposed to being just an opportunity to advertise. If you interact with your customers, answer their questions, respond to their concerns etc. then the chances of you making a sale will shoot up.