Snapchat moves into mobile banking with the launch of Snapcash: Who will be its rivals?
Whatsapp has announced its move into mobile payments, enabling users to transfer cash to one another at the hit of a button.
It's latest foray into the emerging mobile payments could one day pit it against the likes of Facebook, Twitter, Google and Apple. That's not to mention leading credit card companies who already have an established foothold here.
So who will be Snapcash's main competitors?
Twitter:
Twitter allows users in France to tweet payments to one another, according to the Financial Times. S-Money, a payment division of one of France's largest banks, is said to be behind the deal.
Additionally, in September, Twitter introduced a 'buy' button for some of its users. This allows them to purchased products and services directly from their Twitter feed.
Facebook:
In October, media reports bubbled with speculation that Facebook was working on a mobile payments service.
Stanford university computer science major Andrew Aude used a software hack to reveal the social network's unpublished code. He found that the Facebook team were working on a project that would eventually allow users link their debit cards to their accounts and send money to eachother.
This followed a series of hints dropped by the social media giant. One a previous earnings call Mark Zuckenburg told reporters that the company was working on payments, and they recently hired the former President of Paypal.
Apple:
Google: