Signal Payments adds cryptocurrency payment feature for users in UK

Signal Payments adds cryptocurrency payment feature for users in UK

Signal Payments, a cross-platform centralized encrypted messaging platform developed by Signal Messaging LLC and the Signal Technology Foundation, has reportedly announced the rollout of a beta variant of its application that introduces the new Signal Payments service.

As per sources, the latest addition will allow users to send and receive money from their contacts. It currently only supports one type of cryptocurrency- MOB along with its wallet MobileCoin and is only available across the UK. Although, developers are aiming at expanding its reach to other regions in the coming times.

In order to access the latest offering, users in the UK will have to update their Signal app and link their MobileCoin wallet to their user account to transfer the cryptocurrencies.

Seemingly, since the messaging app only supports MOB, the company mentioned that users can trade it only in exchange for other cryptocurrencies through currency exchanges. Signal also claimed that it ensures user data privacy.

In line with the above, while Signal can show one’s transaction history and crypto balance, the entity claims that the application will not have access to those details. This could mean that the messaging app may carry a separate interface to display the transaction details and the balance although the app cannot read the information on the page.

According to reports, apart from the payment feature, the beta app by Signal will also offer performance advancements, improvements to the mute settings, and bug fixes.

Earlier when messaging application giant- Whatsapp announced that it will collect user data, people began searching for a privacy-centric alternative. Signal took advantage of the situation and advertised explaining how it safeguards the data of users.  

Over time, Signal has become one of the most downloaded mobile applications across the globe on both the Apple App Store and the Google Play Store.

Source Credit: https://www.newsbytesapp.com/news/business/signal-payments-announced-with-support-for-cryptocurrency/story