New trademark filings show self-destruct messaging service Snapchat point at the firm entering the mobile money transferring space.
Snapchat is a photo and video messaging service that deletes the photo after being viewed by the recipients. The app is similar to Facebook’s new SlingShot application, a Snapchat rival that is based off the popular social network. Facebook also appointed PayPal President David Marcus as its head of messaging, possibly to help develop monetization options for Facebook Messenger and SlingShot.
At present, Snapchat’s monetization plans were speculated to revolve around advertising, in-app purchases of virtual goods, and brand promotions through sponsorships. If these trademark filings are found to be accurate, Snapchat is taking drasitcly different approach.
The trademark filings go as follows:
-“Computer application software for processing electronic payments to and from others that may be downloaded from a global computer network” – Trademark Serial # 86335306
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-“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 payments” – Trademark Serial # 86335307
No information was made available from Snapchat on how they plan to implement money transfers. Some believe it is simply a legal procedure to prevent other company from utilizing the “Snap” insignia like “Snapay” for example. Others see the possibility of WeChat like services such as remittance, digital gifts and even flash sales.
A platform like Snapchat can prove to be highly lucrative given Ecommerce firms comer on board, Snapchatting deals and sales for a limited time, similar to the messages themselves.