Signal beta-testing new crypto-based payments feature for users

No linking of debit, credit cards, or bank accounts will be required

  • An update involving a crypto-based payment feature in the popular encrypted messaging app, Signal, has recently rolled out.
  • The update is currently available in the beta build of the app in the UK region alone, with plans to launch in non-UK markets in the works.

As messaging platforms vie for improving and facilitating new features to their products, passive-aggressive competition has arisen among different companies. A signal is one such messaging platform that has decided to implement a crypto-based payment feature for its users, and this move is ever so significant considering the current circumstances.

WhatsApp’s new terms and conditions

WhatsApp, a messaging platform owned wholly by the internet giant Facebook, had recently rolled out a notice to its users regarding its updated terms and conditions. In what should have been a routinely common operation, this led to a severe backlash against the messaging platform over a misleading statement saying that Facebook will have anonymized access to user’s messages. This was, however, later clarified by the firm saying that messages will always remain end-to-end encrypted; however, by that time, the damage had already been done.

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Signal was the most to benefit from the commotion as it saw several users migrating to it. To cement its position and to capitalize on gains, the platform has tried to work on an innovative payments interface, most probably in response to WhatsApp’s very own payment system.

Crypto-based unique platform

What makes Signal stand out is its non-reliance on any bank account linkage. The firm has partnered with Mobilecoin wallet to provide protocols for payment. Due to its inherent design, the company’s head of growth Jun Harada stated that Signal would not be able to access users’ funds, balances, or transfer history, putting the users in complete control. The user interface is also touted to have a simplistic design that enables easy linking of a Mobilecoin wallet to a Signal account.

Currently, this feature is rolled out only for users in the United Kingdom who have downloaded the beta-build of the app for crowd testing purposes. Once they receive ample feedback, the firm will enable the feature to all markets in the world.

In conclusion, this is an innovative and unique method to improve Signal’s market share as the new feature is bound to have many takers, especially as payments are to be encrypted and private.

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