Reckoned as a WhatsApp rival, Signal has started testing a new peer-to-peer payments system in its beta version of the app. The fast-growing encrypted messaging app Signal informs that it wants payments on its app to be private, quick and also mobile-friendly.
It further revealed that an add-on called MobileCoin is also being introduced to support the payments network. This offers its own cryptocurrency known as MOB. As of now, a selected group of users in the UK can access the payment system through the latest Signal betas.
Signal further said that the latest payment system enables the users to users to connect an instant messaging app to a MobileCoin wallet very easily. This further allows users to send and receive payments to family and friends. Additionally, it keeps a record of all the transactions. The company also emphasized that the user’s data won’t be accessed at any cost even if they support MobileCoin.
A blog post by Signal clearly mentions that their goal is to keep a user’s data safe. MobileCoin is designed in such a way that Signal can’t access a person’s full transaction history, balance or funds. The user reserves all the rights to transfer funds or switch to another service or app anytime.
No wonder Signal has progressed in the last few months as more and more people are on a hunt for a more secure peer-to-peer messaging app. The company is reckoned amongst the most secured ones. After Facebook-owned WhatsApp introduced new policy and terms for the users, downloads for Signal surged like no other.
Last year in November, WhatsApp pay was introduced in India. But unlike Signal’s bet on cryptocurrency, WhatsApp Pay supports UPI (the Unified Payments Interface). Thus, Signals’ payment will surely be compared with rival WhatsApp.