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Circle to shut down its payment app to support other products

Fintech firm Circle has announced that it’s shutting down its payment app, Circle Pay. The Boston-based firm said that while Circle Pay pioneered the social payments movement, the company had shifted its focus to other areas.

Circle Pay has been around for the past five years. The mobile app sought to make crypto payments as easy as “sending a message over the phone,” Circle’s founder and CEO Jeremy Allaire stated at the time of launch. Circle Pay was determined to compete with the likes of Venmo and Square’s Cash App which have been the outright leaders in the U.S. payments market for the past few years. However, everything hasn’t gone to plan. Circle Pay has failed to gain the traction that its founders hoped it would, failing to rank in the top 100 finance apps on the…

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