Signal tests its first payment system through cryptocurrencies

The messaging application for now only supports payments through the MOB cryptocurrency, and only for users in the United Kingdom.

The messaging application Signal has started testing its first user-to-user payment system, Signal Payments, with which it is possible to send and receive money from other people in the form of cryptocurrencies. (Read also: The taxes that bitcoin will pay in Colombia)

Signal Payments is currently only being tested among users of the application in the United Kingdom through a beta, although it will be rolled out to other countries after initial testing, as Signal has reported in a statement.

Signal’s payment system is “fast, secure and works well on mobile phones”, as the company has assured, and uses a virtual payment protocol called MobileCoin, focused on privacy and that makes Signal not have access to information or user funds.

You may also like: Buying bitcoins the Colombian way

Due to the use of this system, Signal at the moment only supports payments through the MOB cryptocurrency, from the creators of the protocol. Users who use other virtual currencies or real money will be able to convert them to this cryptocurrency.

Signal Payments links the messaging application to the MobileCoin wallet, so that users can make payments to and receive money from friends and family, as well as check their transaction history or send their funds to another service.