Jack Dorsey's payments company Afterpay has ended its relationship with Australia's Westpac Banking Corp

According to Reuters, Afterpay, the payments arm of Twitter founder Jack Dorsey's Block, has ended its partnership with Australia's Westpac Banking Corp. Said it would choose to work with financial products better suited to smartphones and less regulated. A spokesperson for Afterpay said the company would immediately stop new users signing up for the app and shut it down on October 10. Afterpay, a payments company that offers buy now, pay later services, was acquired by Block earlier this year for a reported $29 billion. Its Cash App service allows people to send money to each other. In the US and UK, where Cash App operates, Block makes money by charging people to send bitcoins to each other.