Is going to be Snapchat the new Paypal? Snapchat, known for sending photos that immediately disappear after being viewed, has teamed with payment processing square to help users send money to one another. The system is remarkably simple: start a message, use a dollar sign and give the amount. In the three years since launching, Snapchat has become synonymous with a new breed of social-networking services that focus on simple communication of either a photo or video. The company has said users send 700 million photos and videos a day. Mobile payments are already skyrocketing, due in part to the popularity of smartphones and new services like Apple play and Google Wallet. While it's unclear how big the peer-to-peer money transfer industry actually is, Square said in August its users had sent "hundreds of millions of dollars" to one another. Last month PayPal reported customers used Venmo to send $700 million in payments in the third quarter -- a 50 percent increase from its previous quarter.LR 4ºA

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