The Irish app store has lost support for a third-party cash app that helps users store their cash online, as it moves to an entirely new platform called AppStore.
The move, which is set to be rolled out in early 2018, comes as the world’s biggest app marketplaces, Amazon and Apple, face growing competition from one another and new entrants such as Slack.
Apple has confirmed that it will also begin rolling out cash apps in 2018, with a focus on its own app store and Apple Pay.
It comes at a time when App Store revenues have plummeted in recent months as users turn to alternatives to pay their bills and store cash.
But it is the latest move by Irish app stores to be pulled into the digital landscape.
Last month, a report by Apptopia, an app store consultancy, suggested that Ireland was losing more than €1bn a day in cash app revenue due to competition from US mobile and web giants like Apple.
Apptopia said that in the first quarter of 2019 Apple spent €3.5bn on the App Store.
The Irish Independent understands that Appstore has lost the cash app in the second quarter of 2018.
Appstore is a marketplace of over 100 million apps, which includes free apps and paid apps, but has no revenue from subscriptions or subscriptions fees.
Apple is the dominant app store in the US and Canada, but other app stores such as Amazon and Google have recently started offering cash apps, including CashBook.
Apple says the app store will be able to continue providing cash apps as long as they do not disrupt App Store’s business model.
A spokeswoman for Apptopia said the app is a payment app and that it does not have a subscription fee, so its revenues are unlikely to decline in the long term.
She said the move was “a logical next step” to provide a more efficient, efficient and reliable way for customers to manage their cash.
Online cash app providers, including Paytm and Pay.com, have already offered cash apps for payment to Apple Pay users, but those have been unable to offer them to customers on Apple Pay as well.
App store support for CashBook has also been moved to an alternate platform, AppStore2.
In 2018, the app stores for Apple Pay and Google Wallet merged into a single app store, App Store 2.