Snapchat plans entry in e-payment market

Snapchat has recently filed applications for two payment-related patents with an aim to foray into e-payment transfer market.

Snapchat has recently filed applications for two payment-related patents with an aim to foray into e-payment transfer market.

The two trademark patents filed by Snapchat were cited by techcrunch.com as saying that the new offerings will process peer-to-peer payments, money transfers, or online payments.

One patent pertains to software that can send and receive payments from a ‘global computer network,’ while the other will process the electronic funds.

Snapchat filed the trademarks on 11 July through its law firm Cooley.

If Snapchat enters e-payments arena, it may allow friends to send cash back and forth, or buy things online with a credit card registered in its app.

The company will collect a small fee on payments for its money transfer services, which will act as a perpetual income channel for the company.