So long Snapcash, we hardly knew ye.
"Snapcash was our first product created in partnership with another company -- Square," the company told TheStreet Monday. "We're thankful for all the Snapchatters who used Snapcash for the last four years and for Square's partnership."
Snap first launched its payment system in November 2014 allowing Snapchat users to send cash to each other directly. At the time, Snapcash competed with both PayPal Holdings Inc.'s (PYPL) - Get Report Venmo and Alphabet Inc.'s (GOOG) - Get Report Google Wallet, now known as Google Pay Send. But competition ramped up in 2015 when Facebook, Inc. (FB) - Get Report added a send money feature to its popular Messenger app.
Venmo continues to be the dominant force in the P2P payment service. In Q1, its payment volume grew by 80% to $12.3 billion. It also launched a debit card backed by MasterCard (MA) - Get Report in June.
Snap shares were trading up 0.7% to $13.35 on Monday early afternoon. Year to date, they're down almost 9%.