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Snapchat to end Snapcash payment system amid fierce competition

The peer-to-peer transfer service will shut down at the end of August.

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Starting August 30, you won't be able to send money using Snapcash.

Screenshot by Jason Cipriani/CNET

Snapchat will end Snapcash on August 30, as its payment transfer service faces competition on multiple fronts.

A Snapchat spokesperson confirmed to TechCrunch on Sunday that the service will be discontinued.

"Yes, we're discontinuing the Snapcash feature as of August 30, 2018," the company wrote. "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!"

A notification will hit the Snapchat app and its support site soon, the spokesperson said.

Snapcash, which was launched in 2014, may have been largely forgotten as other peer-to-peer payment apps like PayPal, Venmo and Zelle grew. 

Even though Snapchat is losing its payment feature, there's still plenty happening for app. Its Snapchat Spectacles are available for $60 (down from $130), while its Lens Explorer helps you find community creations easily. Check out CNET's guide to 20 things every new Snapchat user should know.