Snapchat Eyeing Payments, Patent Filings Indicate (July 22, 2014)
Mobile photo sharing and messaging app Snapchat might be seeking to move into payments. The company recently filed two patents that could signify ambitions toward launching a payment function. The first patent, covering “software for processing electronic payments to and from others that may be downloaded from a global computer network,” was filed on July 11. The second, filed the same day, includes “providing electronic processing of electronic funds transfer, ACH, credit card, debit card, electronic check and electronic, mobile and online payments.”
Taken together, the filings could be evidence that Snapchat is at least exploring the possibility of using payments, including P2P, to monetize its massive user base. The company, which turned down a $3 billion acquisition offer from Facebook last year, thus far has focused on advertising to drive revenue. Snapchat investor Tencent already has integrated payment into its popular WeChat mobile messaging service in China.
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