Afterpay will shut down its Money app from next month, and end its deal with Westpac due to conflicts with parent company Block?s Cash App.
Money by Afterpay launched last October, under a relationship with Westpac, which provided its banking licence to the buy now, pay later giant, allowing it to offer customers savings accounts.
The app has stopped accepting new customers as of today and will shut for good on October 10.
Westpac said it would help customers move their funds to accounts of their choice or make ?competitive offers? to those who stay with the bank.
Block, which acquired Afterpay last year, is readying a launch of its very similar Cash App in the Australian market.
Block has not provided details about when it will launch the Cash App, but Money by Afterpay said this was the reason why it was ending the Westpac partnership.
Afterpay Money?s entire team will move across to work at Block.