Snapchat will shut down its Snapcash peer-to-peer payment service, according to a report by TechCrunch.
The company confirmed to TechCrunch that its payment platform would shut down on 30 August 2018.
Snapcash was built in partnership with Square and competes with other payment applications such as PayPal, Venmo, and Square Cash.
Snap said Snapcash users would soon be notified of the service’s impending shutdown.
“Snapcash was our first product created in partnership with another company – Square,” said the company.
“We’re thankful for all the Snapchatters who used Snapcash for the last four years and for Square’s partnership!”
Snapchat has been exploring various options to boost its revenue growth, including a new camera search feature.