The start of 2020 was marked by the migration of many users of Facebook’s WhatsApp application to alternative messaging services. Indeed, because of a change in the terms of use that Facebook had planned for this app, some users preferred to turn to other solutions to communicate (this phenomenon ultimately led Facebook to backtrack).
Among those alternatives to WhatsApp was the Signal messaging service. Known for its privacy policy, Signal has even been recommended by Edward Snowden. And currently, one of the co-founders of WhatsApp, Brian Acton, who left Facebook, is part of the team that runs the Signal Foundation.
In January, when WhatsApp had to manage the controversy over the update of its terms of service, Signal recorded an “unprecedented” increase in the number of users. In addition to the controversy over WhatsApp, Signal had also received a boost from Elon Musk, who recommended this app on his Twitter account.
Either way, it was a huge opportunity for Signal. Whereas previously this was a niche app for journalists and activists, it now wants to target a wider audience. And it is certain that the events of the first quarter of 2021 will go a long way in helping Signal achieve these goals.
Signal is gradually improving, and integrates a payment system via cryptocurrency
As the number of Signal users grows, the app also improves with new features. At the end of January, Signal was rolling out an update intended to make the app more familiar to users who have left WhatsApp. For example, in terms of display, Signal can now customize the backgrounds, as on its competitor.
And this week, Signal is launching another important feature: it will allow users to send money. But for the moment, this novelty is still tested in beta, and only in the United Kingdom. On the other hand, the money transfer functionality on Signal is not offered directly by the foundation, but through the integration of a third-party service.
“We want payments in Signal to be fast, private and work well on mobile devices. The first payment protocol we’ve added support for is a privacy-focused payment network called MobileCoin, which has its own currency, MOB ”, can we read in the ad.
“Signal Payments makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receiving funds from them, tracking your balance, and viewing your transaction history with a simple interface “, also explains Signal.
In addition, the foundation specifies that when users use this feature, Signal will not be able to access funds or information such as transaction histories or available funds. Financial operations are handled by MobileCoin.
The currency used by this service will be convertible. And while the beta feature is only available in the UK at the moment, Signal is already talking about expansion plans. On the other hand, it does not seem to be excluded that other payment protocols can be integrated into the Signal application. Indeed, in the ad, the messaging service indicates that MobileCoin is “The first payment protocol” supported.
In any case, a way to transfer money should allow Signal to be more competitive.
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