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After WhatsApp Payments, Signal to offer a privacy-focused crypto payments feature

Encrypted messaging app Signal is coming up with a new feature in the sleeve to combat against WhatsApp payments: its own suite of privacy-focused payments. However, unlike WhatsApp which takes the help of UPI requiring to enter bank account details, Signal relies on cryptocurrency.

The feature is currently available in beta build for users in the U.K and yet to begin testing this feature in other markets.

Signal’s head of growth and communication, Jun Harada said in a blog post:

“The latest Signal betas are rolling out today. Inside, you’ll find performance enhancements, a slew of bug fixes, improvements to the mute settings, and if you’re in the United Kingdom, you’ll see support for Signal Payments a new feature that enables you to send and receive privacy-focused payments as easily as sending or receiving a message. This is a beta feature in a beta build, but for those in the United Kingdom living life on the edge, please help us test and give feedback.”

As of now, Signal is testing payments feature with a single protocol: The Mobilecoin wallet, which has its own currency MOB. To use this feature, the user has to link the Mobilecoin wallet to Signal, after which the user can send or receive money to friends, family, etcetera. The firm ensured that they will not have any access to the user’s funds, balance, etcetera due to the way Mobilecoin has been designed.

Signal has been in this space for quite some time now but was very limited and it catapulted this year thanks to changes in WhatsApp’s privacy policy which led to public disbelief about WhatsApp sharing user data with Facebook. This lead to a significant portion of users opting for other alternative messaging apps like Telegram and Signal which featured privacy-focused interfaces along with additional advantages like larger groups, more refined sticker support, anonymous chats which made transiting even more fruitful. Although WhatsApp still has a strong foothold over the user base, traction to other alternative apps has significantly gone higher.

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