The new terms and conditions of use of WhatsApp, which will come into force in just over a month, and the way it is communicated to its users, has caused enormous discomfort among many users, causing a part of them to enter the website for the first time. Signal (Private Messenger) and Telegram as the best alternatives.
Signal is taking advantage of the situation to continue improving, and now they present their new payment service between individuals, which arrives in testing phase among users in the United Kingdom, calling on the bravest so that they can test it within the new beta version that they have also just released.
More competition in the peer-to-peer payments segment
Signal Payments is Signal’s payment experience, which will allow the sending and receiving of payments between individuals in a way that is as simple “as sending or receiving a message”.
For this new experience, the privacy-focused messaging platform notes that begins its journey by bringing support for the privacy-focused payment network called MobileCoin, which also has its own currency, called MOB.
According to the description:
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, track your balance, and review your transaction history with a simple interface.
What’s more, Signal will not see neither the balances nor the complete transaction history nor the funds, also facilitating the portability of the funds to another application or service. Soon it will also be possible to make conversions to other digital currencies such as FTX, they point out.
They also promise that they will extend the Signal Payments tests to other markets based on the feedback they receive along the way. It certainly sounds interesting that Signal Messenger enters the field of payments between individuals, entering into competing with the multitude of existing services.
Without going any further, WhatsApp has been allowing payments between individuals in Brazil and India for some time, and even Facebook also allows the sending and receiving of payments in some of the main application services within the United States.
Signal’s trump card lies in privacy, so it could be an attractive option for those who fear sharing their banking details with big tech companies. Now it is only necessary to follow the evolution of this experience and the fit it will have in the entire ecosystem of existing services.