Seamless In-App Payments: Telegram Wallet Bot Empowers Bitcoin, USDT, and TON Transactions

The cryptocurrency payment landscape expands further as Telegram Messenger, known for its crypto-friendly environment, introduces a new option for in-app payments.

Wallet, a Telegram bot facilitating cryptocurrency transactions, has launched Wallet Pay, a payment solution leveraging The Open Network (TON) blockchain.

The newly unveiled service enables direct crypto payments within the Telegram interface, allowing users to seamlessly buy and sell cryptocurrencies like Bitcoin. Wallet Pay also facilitates transactions between users and retail businesses.

Wallet announced the release on July 13, stating that the new payment feature is available immediately in all jurisdictions supported by the wallet service.

It’s worth noting that while Wallet Pay is accessible in most countries, it does not operate in the United States or jurisdictions blacklisted by the Financial Action Task Force. Countries such as Iran, Myanmar, and North Korea are among those excluded from Wallet Pay’s services.

To ensure compliance with local regulations, Wallet places the responsibility on businesses to determine if cryptocurrency payments are permitted within their jurisdictions before integrating Wallet Pay into their operations.

Countries like Russia, Indonesia, Vietnam, Iran, and Egypt are among those where residents are not allowed to use cryptocurrencies for payments. Notably, Russia, which banned domestic crypto payments in 2020, boasts the second-highest number of Telegram downloads globally, following India.

While Wallet has received numerous requests from merchants interested in testing the payment feature, the Know Your Business (KYB) procedure has not been initiated yet. Therefore, the first businesses to implement Wallet Pay are yet to be determined.

It’s important to mention that Wallet operates independently from Telegram, utilizing the Telegram Web Apps open protocol. This allows developers to create their own apps and services on the Telegram platform.

Users can access the payment service through the dedicated Telegram bot or the official Wallet Pay website. However, users should exercise caution and verify the source of the bot before using it.

Wallet Pay currently supports three cryptocurrencies available on its platform: Bitcoin, Tether (USDT), and Toncoin (TON). Unlike self-custodial wallets like MetaMask, the Telegram Wallet bot functions as a custodial wallet, implementing its own fee structure.

Wallet’s spokesperson clarified that as of now, Wallet is a custodial solution. During the beta period, fees for crypto payments range from 1% to 3%. Additionally, the Telegram Wallet bot charges a withdrawal commission of 0.0004 BTC ($12), while the withdrawal fees for USDT and TON are 2 USDT and 0.05 TON, respectively.

The introduction of Wallet Pay within Telegram’s ecosystem marks another step forward in integrating cryptocurrencies into everyday transactions, providing users with greater convenience and accessibility.

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