Pay Users in Crypto as Signal Rolls Out Payments by Using Cryptocurrency

IS SIGNAL BETTER THAN WHATSAPP? :

Launched in 2014, Signal is emerging as a social media platform and is giving major competition to its rival WhatsApp. It is a cross-platform centralized encrypted instant messaging service developed by the non-profit Signal Technology Foundation. It allows users to send one-to-one and group messages, including files, voice notes, images, and videos.

The Signal is arguably safer to use than WhatsApp. Though it doesn’t offer cloud backups, lacking this feature doesn’t make it less secure. Signal lets you do the same things as WhatsApp: chat using text, emojis, GIFs, stickers, as well as voice and video calling.

Also Read: IIFL Finance launches instant business loans on WhatsApp

SIGNAL ROLLS OUT PAYMENTS BY USING CRYPTOCURRENCY:

The Signal is in the news, allowing the users to pay in crypto. A Safe encoded messaging app allows a payment characteristic globally, just like its rival WhatsApp. Though WhatsApp’s payment operates using UPI, the function on Signal is supported by making transactions by using MobileCoin cryptocurrency. Conferring to the app’s web page, MobileCoin is a cryptocurrency developed to be used as digital cash on your phone.

The payments feature is accessible for users who use the Signal app version 5.27.8 or later on Android smartphones or app version 5.26.3 or later on iOS devices. Users also need to have their Signal PIN enabled to access the feature.

Signal asserts that the Transaction details, including the amount paid and the time the transaction is made, are all part of the MobileCoin ledger and are anonymous to the platform. The payment on Signal will require users to have their Signal pin accessed. They also charge a defrag fee when the coins in your possession can not be combined to complete a transaction.

Also Read: In-App Cryptocurrency Payments Being Trialled By Whatsapp Using Meta’s Novi Wallet

Following are the steps to send a payment through Signal:

1. Before getting started, people have to trigger the payment aspect from the Options given in the app. For this, one has to go Settings > Payments > Activate Payments > Accept and Agree to Terms. Furthermore,

2. Select a contact whom you have to make the payment.

3. Enter the amount that you want to send.

4. Select the checkmark. If one wishes to add a note with it, you can do.

5. Make the payment by tapping pay and then confirming the same.

The only drawback is that one can’t cancel the payment once done. You can ask the person to whom you have made the payment to refund. Even turning off the phone or enabling flight mode won’t stop the payment once you have clicked the send button.

Also Read: Facebook to Roll Out ‘Split Payments’ Feature on Messenger for U.S. Users
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