Snapchat's p2p money service Snapcash is due to shut down at the end of August. 

Snap launched the peer-to-peer payment service in 2014. It worked in a similar way to Apple Pay and Google Pay’s pay contacts feature.

As the feature closes, it also brings an end to Snap's four-year long partnership with Square.

Cashing out

News that the service would no longer be available after a undisclosed date was originally found within the app's coding. A spokesperson for Snap later confirmed that the service would be shutting down and the code shown was correct.

Snap is yet to confirm why the service is shutting down, but one theory is that the rise of similar services provided by PayPal, Apple and Google may have contributed to poor user figures.

Snap hopes to grow beyond the main mobile app and expand further. The company’s next earnings report will be released on August 7th.

Following this announcement, the company stated that it’s currently focusing on several other projects. Recently it started selling the second generation of Spectacles and a new developer kit was released to support third-party app creators.