Snapcash Gone in a Snap

So long Snapcash, we hardly knew ye.

Snap Inc. (SNAP) announced Monday, July 23, that it will discontinue its peer-to-peer (P2P) payment feature, Snapcash, on August 30.

"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) Venmo and Alphabet Inc.'s (GOOG) Google Wallet, now known as Google Pay Send. But competition ramped up in 2015 when Facebook, Inc. (FB) added a send money feature to its popular Messenger app.

Then last September, Apple Inc. (AAPL) launched its own person-to-person payment system with Apple Pay Cash.

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) in June.

Snap shares were trading up 0.7% to $13.35 on Monday early afternoon. Year to date, they're down almost 9%.

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