While Snapchat's market value has exploded, many have been wondering where exactly the app is going and today it announced its first major innovation - a user-to-user payment function.

While other companies have been trying to get traction with similar services, Snapchat will be hoping that they can use their massive user base, and connection with a young audience to get a foothold in the mobile-payment market.

The announcement came with a designed-to-go-viral explainer video. 

To use the system users need to log their debit card details in the app. Once it has that info, you can just type a dollar sign, and the figure that you want to transfer. Once the 'send' button turns green, you tap it and the money is automatically transferred.

The other user has 24 hours to claim the money, if they don't then the money is refunded.

The service is initially only being rolled out across the United States.

Snapchat has recently experienced some high-profile security breeches, however, their latest project is being launched with Square Cash who made the mobile-money transferring technology. Debit card information will be stored on Square Cash's secure servers, rather than with Snapchat.