Today, Snapchat is getting rid of a feature it’s had for 4 years; Snapcash.
Launched in 2014, Snapcash was Snapchat’s partnership with Square for peer-to-peer mobile payments. This follows the trend of many social media platforms (like Facebook in 2015) trying to become PayPal competitors.
The payments were handled by Square. A user would add their debit card account, and begin sending and receiving money by entering chat, putting in a dollar sign and amount and hitting the green button to send the payment.
Snapcash primary purpose was to allow Snapchat users to share money quickly and easily (i.e, splitting a bill at a restaurant). However, it was increasingly being used as a way to sell erotic content. A theory is that this is the primary reason it is being shut down, with Snapchat trying to avoid negative PR down the road.
According to their FAQ page for Snapcash, users Snapcash transaction history will be available in Settings > Snapcash until September 30, 2018.