The cryptocurrency payment industry is experiencing further advancements as Telegram messenger, known for its crypto-friendly environment, introduces a new cryptocurrency payment option. Wallet, a Telegram bot that enables users to buy and sell cryptocurrencies such as Bitcoin, has launched Wallet Pay, a crypto payment solution built on The Open Network (TON) blockchain.
Wallet Pay allows users to engage in direct crypto payment transactions within the Telegram interface, facilitating seamless payments between users and retail businesses. This exciting development was announced on July 13, and Wallet Pay is immediately available in all jurisdictions supported by the wallet service.
However, it’s worth noting that Wallet Pay is not accessible in certain countries, including the United States and those blacklisted by the Financial Action Task Force. Countries like Iran, Myanmar, and North Korea are excluded from the service. Compliance responsibility is placed on local businesses in regions where cryptocurrency payments are prohibited, and they must ensure they are legally permitted to engage in such transactions within their respective jurisdictions.
Some countries, such as Russia, Indonesia, Vietnam, Iran, and Egypt, restrict their residents from paying with cryptocurrencies. Despite the ban on domestic crypto payments in Russia, it remains one of the largest markets for Telegram downloads globally, second only to India.
Wallet Pay’s spokesperson mentioned that the platform hasn’t initiated the Know Your Business (KYB) procedure yet, so they are unaware of which merchants will be the first to test the payment feature. It’s important to highlight that Wallet operates independently from Telegram, utilizing the Telegram Web Apps open protocol to build its bot and application.
To access the payment service, users can utilize the dedicated Telegram bot or visit the official Wallet Pay website. However, users are advised to exercise caution and verify the source of the bot before using it.
Wallet Pay currently supports three cryptocurrencies: Bitcoin, Tether (USDT), and Toncoin (TON), which are already featured on the Wallet service. Unlike self-custodial wallets like MetaMask, the Telegram Wallet bot operates as a custodial wallet, and fees for crypto payments during the beta period range from 1% to 3%. Withdrawal fees for Bitcoin amount to 0.0004 BTC ($12), while USDT incurs a fee of 2 USDT, and TON has a withdrawal fee of 0.05 TON.
As Wallet Pay expands its reach and functionality, it presents Telegram users with a convenient and integrated solution for cryptocurrency payments within the popular messaging platform.
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