The secure messaging app Signal has begun testing Signal Payments, a payment method that will allow users to send and receive money, in the most recent beta version of the application, initially available in the United Kingdom.
Signal is an instant messaging platform characterized by providing maximum security and privacy to communications between its users
The addition of Signal Payments will allow that the payment is made in cryptocurrencies and from the messages themselves. The chosen virtual currency is MobileCoin, known by the acronym MOB and which was created by Signal in 2017 in its quest to democratize payments with virtual currencies, based on the alternative and open source payment platform Stellar Consensus Protocols. Among its virtues is the possibility of carrying out encrypted individual transactions in a few seconds or being able to recover the virtual wallet without the need to give passwords to third parties.
To make payments from Signal, it will be enough to send a message to whoever you want to send the amount. Previously, the user must have connected a virtual wallet to Signal that allows handling payments and collections with cryptocurrencies. From the secure messaging platform they guarantee that they do not have access to the funds or the ability to manipulate their accounting.
Signal would thus try to offer a service that WhatsApp also wants to provide and which is currently only active in India. However, WhatsApp does not use cryptocurrencies but uses money as it has reached agreements with the country’s National Bank for the launch of WhatsApp Payments.
In addition, the announcement of Signal occurs in a context in which large companies begin to allow payments with Bitcoins, such as Tesla, or other cryptocurrencies, while traditional payment platforms also support them (as is the case with Visa and Mastercard) or the multiplicity of this type of digital assets that are already supported as means of payment, such as PayPal, which recently announced that in the United States it will allow its users to make payments with Bitcoin, Ethereum and Litecoin, among other cryptocurrencies. .