Snapchat Debuts Cash-transfer Service

Privately held messaging service Snapchat on Monday debuted an associated money-transfer service called Snapcash, reports said. The service, developed with unlisted mobile-payment company Square, is only available to adults in the U.S., though it may later be expanded, Verge reported. Snapchat won't receive any revenue from the new service, Dow Jones Newswires said, but Snapcash could offer a route to monetization later, possibly by allowing Snapchat to sell goods and services on its own.