Could Snapchat be a snappy way to pay?
The trademarks, brought to our attention via TechCrunch seem to stop anyone else entering the space using the Snapchat name, so it’s not sure-fire intent, but it’s clearly an avenue it’s considered going down.
While we hope money won’t be transferred then deleted after ten seconds or so, it’s clear that Snapchat could make a lot of money and make a dent in the mobile payments market too. While WhatsApp as the payment potential with Facebook’s backing and WeChat’s model, Snapchat has the instant appeal that frugal spending and instant money transfers could really benefit from. Imagine snapchatting an image of some jeans you want to buy to a friend, then in seconds you’ve just purchased them once your friends agreed it was a great item to have. Brands could also send out images of new products and anyone who’s following them would be able to buy it there and then in-app.
Boiling the trademarks down to their sole points reveals that they aren’t to be messed with:
- “Computer application software for processing electronic payments to and from others that may be downloaded from a global computer network” – Trademark Serial # 86335306
- “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
It goes against the expectations of advertising dominating Snapchat’s future revenue stream, and it actually adds something for users rather than alienate them through advertising bombardment. And, with the recent acquisitions of former Instagram head of business, Emily White; and former Facebook Global Director of Preferred Marketing Developer, Mike Randall, it seems that Snapchat isn’t going into the business marketplace in any sluggish manner.
The next question is, when will we see Snapchat actually capitalise upon this move?