While certain jurisdictions impose restrictions, Wallet’s initiative aims to provide users with a seamless and convenient way to engage in digital asset transactions.
Telegram Messenger, a widely-used social media platform, has recently unveiled an exciting feature that allows merchants to accept cryptocurrency payments directly within the app. The launch of in-app crypto payments brings new opportunities for businesses and expands the range of payment options available to Telegram users.
The new payment feature was made possible through Wallet, a Telegram bot developed by independent company to facilitate the buying and selling of digital assets among users on the messaging app.
In an email announcement issued by the company on July 13, the Telegram bot, Wallet has launched a payment solution dubbed Wallet Pay. The new service is based on the Open Network (TON) blockchain, enabling seamless transactions between users and retail businesses within the messaging app.
New Wallet’s Payment Services Not Available to Users in Restricted Countries
A company spokesperson told Cointelegraph that the payment service is available in different jurisdictions already supported by Wallet, excluding countries under sanctions by the Financial Action Task Force and the United States, as local compliance regulations in these locations dictate whether businesses within these geographical regions can accept crypto payments. Wallet Pay is unavailable in countries like Iran, Myanmar, and North Korea.
While Wallet has collected many requests from merchants interested in implementing the payment feature, the company is yet to implement the Know Your Business (KYB) procedure into its protocol. As a result, the firm has warned interested merchants to ensure that their local regulations allow them to accept payments in crypto before sending in applications.
“Businesses should decide if they are allowed to do business within their jurisdiction before applying to use Wallet Pay,” said the company’s spokesperson.
It’s important to note that Wallet operates independently from Telegram and is built on the Telegram Web Apps open protocol. This protocol allows developers to create their own applications and services within the Telegram ecosystem, fostering innovation and expanding the platform’s functionalities.
Telegram Merchants Can Now Accept BTC, USDT, and TON for Crypto Payments
According to Wallet, the new payment feature supports three cryptocurrencies: Bitcoin (BTC), Tether (USDT) stablecoin, and Toncoin (TON). In March, Telegram announced that users can now transfer USDT to each other directly within the app through Wallet Pay.
The bot serves as a payment facilitator and as a custodial wallet, which means it holds users’ funds on their behalf. The platform applies a fee structure ranging from 1% to 3% during the beta period for crypto payments.
Users can access the payment service through the dedicated Wallet bot on Telegram or the official Wallet Pay website. The firm has warned users to exercise caution and ensure the legitimacy of the bot when interacting with it to protect against potential scams or unauthorized sources.
The expansion of crypto payment options within Telegram presents an exciting opportunity for merchants to tap into the growing crypto economy. While certain jurisdictions impose restrictions, Wallet’s initiative aims to provide users with a seamless and convenient way to engage in digital asset transactions.