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According to Signal, the new payment system makes it easier for users to connect a MobileCoin wallet to the instant messaging app. The interlinking allows users to send funds to their friends and family, receive funds, and also keep a track of all the transactions. “You can also transfer your funds at any time if you want to switch to another app or service,” he said in a statement late on Tuesday.
The company says those interested in trying out the feature must live in the UK for now, and those who qualify can sign up for MobileCoin and access the feature through the Signal beta. As per the company, the aim of launching this new project is to make sure that payments via Signal are fast, private, and compatible with the mobile ecosystem.
“If you want to give it a spin and let us know what you think, it’s possible to convert to/from MOB on FTX and other exchanges soon”, MobileCoin added.
“As always, our goal is to keep your data in your hands rather than ours; MobileCoin’s design means Signal does not have access to your balance, full transaction history, or funds. You can also transfer your funds at any time if you want to switch to another app or service.”
Copy Cat with the brain?
WhatsApp has already launched a peer-to-peer mobile payments feature which is currently working in India and Brazil. In India, WhatsApp Payments leverages India’s Unified Payments Interface (UPI) to transfer money directly from one user’s bank account to the other.
Currently, it is not clear whether Signal would also adopt India’s UPI for its payments platform which then would be a direct competitor to WhatsApp in India. The association with MobileCoin is not surprising as Signal co-founder and CEO Moxie Marlinspike has served as an advisor for the company, notes pocket-lint.