US mobile peer-to-peer payment app Cash App is exiting the UK, as it “deprioritises global expansion”. Cash App, owned by Jack Dorsey’s Block, is popular in the US and has over 50 million monthly active users and boasts nearly $15bn in annual revenues.

The mobile payment service allows users to transfer money to each other using a mobile phone app. In a statement Cash App said Cash App UK would close down on 15 September, saying it was a “difficult decision”.

It said: “We do not make decisions like this lightly, as we know they impact our customers, our partners, and our team members who have helped us build to where we are today.”

It added: “In recent months, we have outlined our strategic approach for Cash App, which prioritises our focus on the United States, and deprioritises global expansion.All of our operations remain unaffected by this decision.”

Block, formerly Square, launched Cash App, initially named Square Cash, in 2013 to compete with mobile payment apps like Venmo and PayPal.