Signal, a cross-platform centralized encrypted messaging service, is working on a new feature that will allow users to make peer-to-peer payments. The feature is currently in the testing phase with the beta version available for the users in the UK.
According to Jun Harada, Signal’s head of growth and communication, “The latest Signal betas are rolling out today. Inside, you’ll find performance enhancements, a slew of bug fixes, improvements to the mute settings, and if you’re in the United Kingdom, you’ll see support for Signal Payments a new feature that enables you to send and receive privacy-focused payments as easily as sending or receiving a message. This is a beta feature in a beta build, but for those in the United Kingdom living life on the edge, please help us test and give feedback”.
What is the new payments feature of the Signal app? How will it work?
The new feature of the Signal app is called Signal Payments that will enable users to make payments in cryptocurrency. The company wants to build make the feature compatible with all mobile devices. The users will be able to link their MobileCoin Wallet to the Signal app for fast, secure, and reliable payments in cryptocurrency.
Once you create a MobileCoin wallet with your Signal account, you will not need to link your bank accounts to make payments via the Signal app. According to the company, you will be able to send or receive money from your family and friends within ten seconds. Since the popularity of the Signal app is due to its encrypted messaging, only the sender and recipient of the payment will have knowledge about the transactions. Moreover, Signal will not save any data related to the user’s wallet.
According to Jun Harada, Signal’s head of growth and communication, “Signal Payments makes it easy to link a MobileCoin wallet to Signal, so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface. 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”.
Is Signal the only company working on the cryptocurrency payment feature?
PayPal, an American online payments firm, recently announced that it shall permit the use of cryptocurrency in the US for making payments at several online merchants worldwide. The new feature of PayPal is called ‘Checkout with Crypto’ that was rolled out today and is an extension to the current facility provided to US users. Till now, the platform enabled users to buy and sell cryptocurrency straightaway via their accounts. With the ‘Checkout with Crypto’, the users will not only be able to make transactions but also immediately change their Bitcoin, Bitcoin Cash, Ethereum, or Litecoin to US dollars.
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