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Signal starts testing payments feature that allows sharing cryptocurrency

Signal starts testing payments feature that allows sharing cryptocurrency
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Signal starts testing payments feature that allows sharing cryptocurrency

Highlights

Signal says it wants payments on its platform to be fast, private, and work well on mobile devices.

Signal announced Tuesday that it is testing a peer-to-peer payment system on its platform.

Signal added that he had added support for a payment network called MobileCoin, which offers its cryptocurrency, MOB. The payment system is currently available to a select group of users in the UK through Signal's latest beta versions.

According to Signal, the new payment system makes it easy for users to connect a MobileCoin wallet to the instant messaging app. Interconnection allows users to send funds to their friends and family, receive funds, and keep track of all transactions.

The company emphasized that support for MobileCoin does not mean that it will access user data.

"As always, our goal is to keep your data in your hands rather than ours; MobileCoin's design means Signal does not have access to your balance, full transaction history, or funds. You can also transfer your funds at any time if you want to switch to another app or service," Signal wrote in a blog post.

The partnership with MobileCoin is not surprising, as Signal co-founder and CEO Moxie Marlinspike has served as an advisor to the company, notes pocket-lint.

Signal has gained traction in recent months as more people search for more secure peer-to-peer messaging apps. The Signal is considered one of the safest. The platform saw a surge in downloads earlier this year after Facebook-owned WhatsApp announced new terms and policies for its users. According to January Sensor Tower data, Signal recorded 26.4 million downloads between January 4-17.

Most likely, Signal Payments will be compared to the competition's WhatsApp.

WhatsApp Pay was officially launched in India in November last year. The company first introduced the system in 2018. However, the feature remained in beta. Unlike Signal's bet on cryptocurrencies, WhatsApp Pay in India takes advantage of the Unified Payment Interface (UPI). You can learn more about WhatsApp Pay here.

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