File image: Snapchat. (IOL).

CAPE TOWN - Snapchat will shut down its Snapcash peer-to-peer payment service, according to a report by TechCrunch.

The company confirmed in a statement to TechCrunch that its payment platform would shut down on 30 August 2018.

Introduced in 2014, 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. We’re thankful for all the Snapchatters who used Snapcash for the last four years and for Square’s partnership.”

However, Snap didn’t specify why it’s shutting down Snapcash.

Additionally,  Snap has said that it wants to grow beyond the core mobile app and users can expect to see just how well those efforts amount to when the company announces its next earnings report on August 7th.

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