Snapchat Focuses On Making Money With Latest Patent Filings

Snapchat's latest patent filings focus on the processing and transferring of electronic payments.

Author:: Kathryn Mykleseth
Publish date:: Jul 17, 2014 4:27 PM EDT

Snapchat filed for two payments-related patents July 11. The filings focus on the processing and transferring of electronic payments. After reportedly rejecting offers from Facebook and Google this past year, this latest move fuels curiosity about the private messaging applications's plans to make money.G oogle reportedly offered Snapchat $4 billion. Facebook reported offered Evan Spiegel $3 billion. Snapchat was the social media of choice for Viacom's MTV with the company using the application to announce VMA nominees Thursday. Snapchat announced the release of 'Geofilters'. The location sensitive filters give snapchatters in California and New York neighborhoods the option to add location stickers to the images they share with friends. TheStreet's Kathryn Mykelseth reports from New York.