Signal, the crowd-funded privacy-focused messaging app, announced this week they are beta testing Signal Payments for UK users of MobileCoin. The payments feature will show MobileCoin wallet balances and allow users to send and receive money in Signal messages. MobileCoin is a prototype cryptocurrency with a focus on privacy.
Clubhouse will add direct-to-creator payments to its social media platform via the payment gateway Stripe. Users should tap on the creator’s profile, then tap “send money,” where they will be asked to register a credit or debit card. Clubhouse will not take a cut of the payments to support creators, although Stripe will add a processing fee to each payment that the person sending the money will pay.
Signal Payments is a perfect fit
The back-to-back announcement of these new payment offerings shows a larger trend of payments moving online and away from cash. Facebook and Instagram added Shopify’s Shop Pay earlier this year. The rise of cryptocurrency, Coinbase’s IPO, and the growing popularity of NFTs over the last few months have put secure online payments squarely in the public consciousness. Add to that a pandemic that has necessitated touchless payment options, and online payment tools have been riding high.
Considering these trends, it’s no surprise that Signal would seek out a privacy-focused cryptocurrency that aligns with its company values.
Clubhouse Payments makes less sense
Clubhouse Payments is great news for creators, who get to keep 100% of the money people send them through the app. Signal isn’t taking a cut of the payments that users send through the app, but donations fund Signal. Clubhouse is backed by VCs and received a $100 million Series B in January.
Clubhouse isn’t making any money, they don’t pull advertising revenue, and they’re giving much of their Series B directly to creators via grants. So, how are they going to keep the lights on when the investments run out?