In-app payments in Bitcoin, USDT, and TON are made possible through the Telegram wallet bot
With a new cryptocurrency payment option coming to the crypto-friendly Telegram app, the cryptocurrency payment sector is still developing. A cryptocurrency payment solution based on The Open Network (TON) blockchain has been introduced by Wallet, a Telegram bot that enables users to purchase and trade cryptocurrencies like Bitcoin (BTC).
The new Wallet Pay service makes direct payments within the Telegram interface possible, facilitating cryptocurrency payment transfers between customers and retail establishments. Wallet announced the announcement on July 13 and stated that the new payment capability is now immediately accessible in all jurisdictions the wallet service supports. According to a Wallet Pay spokesman, most nations are now included on this list of approved jurisdictions, except the United States and those on the Financial Action Task Force’s blacklist. For instance, Wallet Pay does not support Iran, Myanmar, or North Korea.
The wallet service places compliance duty on local companies because some nations where Wallet Bot operates do not let citizens purchase cryptocurrencies. Before applying to utilize Wallet Pay, businesses should determine whether they are authorized to operate in their area, the Wallet spokesperson said. Countries like Russia, Indonesia, Vietnam, Iran, Egypt, and others are on the list of jurisdictions forbidding citizens from paying for goods and services using cryptocurrencies. Statista statistics show Russia is the second-largest country regarding Telegram downloads after India. Russia formally outlawed domestic cryptocurrency payments in 2020. Vietnam, Indonesia, and Egypt are all among the top 10 nations for downloading the Telegram app.
The spokesperson for Wallet Pay stated that since the company has yet to start the Know Your Business (KYB) process, the platform is unaware of which businesses would test out its payment function first. The spokesman stated, “Our support team has gathered a few hundred requests, but we did not begin the KYB process with these requests before launch, so we are unsure of who will be the first to implement the feature at this time.”
Additionally, the spokesman emphasized that the business operates apart from Telegram. The Telegram Web Apps open protocol, which enables developers to build their apps and services for Telegram, is the foundation for the Wallet bot and application. The payment service is accessible via the official Wallet Pay website or a dedicated Telegram bot. If users are thinking about testing a bot, they should take care to check the source of the bot.
Its new payment capability supports three cryptocurrencies now supported by Wallet’s wallet service. These digital currencies include Tether, Bitcoin, and Toncoin (TON). The Telegram Wallet bot manages a custodial wallet with its fee structure, unlike self-custodial or noncustodial wallets like MetaMask. “As of today, Wallet is a custodial solution,” the spokesman said, adding that costs for cryptocurrency payments “range from 1% to 3% during the beta period.” The Telegram Wallet bot presently charges a 0.0004 BTC (US$12) fee for withdrawing bitcoin from its custody wallet, according to the Wallet Support statistics. Withdrawal costs for USDT and TON are 2 USDT and 0.05 TON, respectively.
