Signal, the encrypted messaging app that shot to popularity among general consumers as well thanks to the WhatsApp privacy policy debacle, has a big new feature coming in with Signal in-app payments. The service has been introduced as beta earlier today, and can operate only using a cryptocurrency as of now. Privacy, as always, remains forefront for the Signal Foundation, which is why they have started by partnering with MobileCoin. The latter is a privacy centric blockchain currency, thanks to which Signal will never be able to view any part of your financial transaction, and also let you move your funds over to another crypto wallet or exchange, should you please.
The adaption rate of Signal in-app payments will admittedly be limited thanks to the fairly limited user base of MobileCoin, and the places where consumers can use it. However, it is a start in a direction where in the eventual future, Signal will aim to offer users the ability to add and transact in more cryptocurrencies – and eventually, even mainstream ones. As we’ve been seeing off late, cryptocurrencies are finally seeing a push for being adopted in the mainstream space, something that has been crucially missing from it so far.
It is here that the Signal in-app payments feature may really work out. As a result, the privacy focused messenger will look to rope in beta testers for the Signal in-app payments service, which will help it smoothen out the kinks from the service before a wider rollout. While Signal is indeed available in India, cryptocurrencies are not in a particularly favourable juncture. The central government of India has spoken about banning all non-fiat money such as Bitcoin and Ethereum, citing concerns such as the volatility of their values and the decentralised structure that essentially means that a government can have no control over the financial values of these currencies.
However, the Indian government has not ruled out the role that a centrally introduced digital currency may play in the eventual scheme of things. Despite that, Signal users in India can pretty much assume that the latter will not be among the first countries where the Signal in-app payments beta programme is expanded to. The service remains limited to the UK for now, and the Signal Foundation may announce expansions of the programme in the months to come.
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