The payments space may become even more crowded. Though dominated by the likes of PayPal (PYPL) and Square (SQ), Snap (SNAP) appears to see the payments— and the movement of money including via gift cards— as an opportunity for future growth. In its 2019 10-K, Snap disclosed the following responsibilities in the context of data security:

“We are also subject to many federal, state, and foreign laws and regulations, including those related to privacy, rights of publicity, content, data protection, intellectual property, health and safety, competition, protection of minors, consumer protection, employment, and taxation.”

In its 2020 10-K, Snap cites several data protection responsibilities, several of which are related to payments and the movement of money:

“We also are or may in the future be subject to many federal, state, and foreign laws and regulations, including those related to privacy, rights of publicity, content, data protection, intellectual property, health and safety, competition, protection of minors, consumer protection, employment, money transmission, import and export restrictions, gift cards, electronic funds transfers, anti-money laundering, and taxation.”

The new language suggests Snap sees payments or at least the movement of money— hence the mention of anti-money laundering— as a new growth opportunity or possibly a prerequisite for ecommerce ambitions. It doesn’t mean Snap will build a payments solution from scratch— ecommerce platform Shopify uses Stripe to power its checkout— but does indicate it may soon add names like PayPal and Square to its growing list of competitors.