- Wallet, a Telegram bot that allows users to buy and sell cryptocurrencies like Bitcoin, has launched a crypto payment solution based on The Open Network (TON) blockchain.
- The new service called Wallet Pay enables direct payments within the Telegram interface, facilitating crypto payment transactions between users and retail businesses.
- The TON Foundation stated that this integration would provide access to Telegram’s vast user community, which exceeds 700 million users.
With the recent integration announced by messaging app Telegram, Wallet Pay service will now accept Bitcoin, USDT, and TON payments.
Telegram Enables Payments for 3 Cryptocurrencies
Messaging app Telegram continues to contribute to the development of the cryptocurrency payment industry with a new crypto payment option. Wallet, a Telegram bot that allows users to buy and sell cryptocurrencies like Bitcoin, has launched a crypto payment solution based on The Open Network (TON) blockchain.
The new service called Wallet Pay enables direct payments within the Telegram interface, facilitating crypto payment transactions between users and retail businesses. Wallet announced the news on July 13, stating that the new payment feature is immediately available in all jurisdictions supported by the wallet service, as reported by COINOTAG.
The list of jurisdictions currently supported by Wallet Pay includes most countries, excluding those blacklisted by the Financial Action Task Force and the United States. For example, Wallet Pay does not serve countries like Iran, Myanmar, and North Korea.
Since some countries where the Wallet bot operates do not allow payment with cryptocurrencies, the wallet service places compliance responsibility on local businesses. A representative from Wallet stated:
“Businesses should decide whether they have the permissions to operate within the jurisdictions before using Wallet Pay.”
The list of jurisdictions that do not allow product and service payments with cryptocurrency includes Russia, Indonesia, Vietnam, Iran, Egypt, and others.
Over 700 Million Users Can Access Telegram’s Feature
Wallet Pay users do not need to own cryptocurrencies in advance and can deposit money into their Wallet accounts using a bank card during the payment process. While Wallet Pay is for transactions between consumers and sellers, peer-to-peer crypto transfers among users through the @wallet bot are also available on Telegram.
The TON Foundation stated that this integration would provide access to Telegram’s vast user community, which exceeds 700 million users. Andrew Rogozov, one of the founding members of the TON Foundation, said, “Various businesses can benefit from Wallet Pay’s seamless payment solution, leveraging the Telegram and TON ecosystems. By enhancing and introducing this frequently requested functionality, we are taking another step towards the mass adoption of cryptocurrencies.”
Users can try the public beta version of Wallet Pay through the Wallet Pay bot or apply as a seller through the website, with more updates expected soon regarding the technology’s scalability and availability.
The Open Network was designed by the founders of Telegram Messenger in 2018 and was later handed over to the TON community for further development. Last month, the TON Foundation proposed a burning mechanism for the TON network and suggested burning 50% of the transaction fees.
