Signal Messenger begins testing its new peer-to-peer payment service

The new terms and conditions of use of WhatsApp, which will take effect in just over a month, and the way it is communicated to its users, has caused enormous discomfort among many users, causing some of them to enter the Internet 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 to test it within the new beta version that has just been released.

More competition in the peer-to-peer payments segment

Signal Payments is Signal’s payment experience, which allows the sending and receiving of payments between individuals as easily as sending or receiving a message.

For this new experience, the messaging platform bets initially by the privacy-focused payment network service called MobileCoin, which also has its own currency, called MOB, which is much more secure and private than others, such as bitcoin.

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 one simple interface.

In addition, 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.. It will soon also be possible to convert 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 competition 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.

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