The maximum Snapchat story length is still 10 seconds, and the minimum is one second, although there is now another option to the old 'this message will self-destruct in 1-10 seconds...' way of posting on Snapchat.
In September 2013, Snapchat made the announcement that a new feature, Snapchat Stories, will allow users to keep their post active and available for viewing for 24 hours. This means users can be more creative knowing their efforts won't vanish instantly, and so have a greater chance of being shared.
This also creates more marketing opportunities for Snapchat, as potential sponsors tend to want their messages to last longer than a few seconds!
SnapCash
A brand new feature was announced by Snapchat only last month. 'Snapcash' allows users to send each other money, similar to PayPal and Google Wallet feature which debuted back in May. There are the usual concerns about security of users' financial details, but Square, Snapchat partners in Snapcash, have a lot of experience in this field.
For more on Blurtit about Snapchat, read What is Snapchat story viewer online? and What is Snapchat story not posting?
If you'd like to learn about how to use Snapchat SnapStories, here's a helpful YouTube user to show you more: