Snapchat files trademarks to process transactions as it seeks way to make money from app
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One of Snapchat's biggest issues to date has been how to make money.
The firm famously turned down a $3 billion (£1.75 billion) from Facebook last year, and the reason for doing so may now have been uncovered as trademarks reveal the company is developing a payment system.
The move suggests Snapchat may be considering allowing people to transfer money to others within the app in a move to take on services such as Paypal.
Los Angeles-based Snapchat (headquarters pictured) is apparently planning to introduce payments. That's according to two trademarks spotted being filed by the company. Exactly what they are planning to do however is not yet known
The two trademarks were uncovered by Tech Crunch.
SNAPCHAT'S TRADEMARKS
Trademark Serial # 86335306
'Computer application software for processing electronic payments to and from others that may be downloaded from a global computer network.'
Trademark Serial # 86335307
'Electronic transfer of money for others; providing electronic processing of electronic funds transfer, ACH, credit card, debit card, electronic check and electronic, mobile and online payment.'
One refers to software that can send and receive payments from a 'global computer network.'
The other concerns the processing of electronic funds.
The trademarks were filed on 11 July by Snapchat's law firm, Cooley.
Snapchat has so far refused to comment on the move.
Some had previously thought that the company would introduce advertising and in-app purchases in order to monetise the app.
This new move, however, suggests they may instead enable people to make payments through Snapchat, perhaps to other users or companies.
By taking a small amount of commission from each transaction, the company would then be able to make money from the numerous transactions.
The move could indicate they will allow users to send money to each other. The company has been trying to find ways to monetise their app. By taking a small amount of commission from each transaction, like PayPal does (stock image shown) the company would then be able to make money from transactions
The move follows Snapchat's recent decision to launch location-specific photo filters.
The 'geofilters' add a custom sticker to your photo, and are unlocked only when you're in a specific place or city.
Experts say the firm could work with major brands to create custom stickers.
The new smart filters don't offer any photo-editing effects, and are clear filters with a graphic overlay.
They look similar to they type of stickers that have been popularized by stand-alone photo editing applications.
'Swipe right on the preview screen to check them out – they'll change depending on which neighborhoods you're in!' the company wrote in a blog post and video announcing the new feature.
Snapchat recently unveiled 'geofilters', which add a custom sticker to your photo (pictured) and are unlocked only when you're in a specific place or city. Experts say the firm could work with major brands to create custom stickers
The video features filters from several neighborhoods around their Venice Beach, California headquarters, as well as filters for a specific Soul Cycle location, Disneyland, a coffee shop and cultural institutions like the Los Angeles County Museum of Art and The Getty.
Facebook meanwhile recently unveiled their own competitor to Snapchat called Slingshot, which allows for brief sharing of videos and email.
The social network giant has hired David Marcus, former president of PayPal, to head up their messaging division.
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