Telegram Merchants Embrace In-App Crypto Payments through Wallet Pay
Telegram, the messaging app, now offers a new feature called Wallet Pay that allows merchants to accept cryptocurrency payments within the app.
Embracing In-App Crypto Payments
This expansion by Wallet, which operates on The Open Network (TON) blockchain, goes beyond its existing chat-based payment system. The announcement was made via email on Thursday, highlighting the integration of cryptocurrencies such as tether (USDT), bitcoin (BTC), and toncoin (TON) for goods and services transactions.
— CoinDesk (@CoinDesk) July 13, 2023
Introducing Wallet Pay for Telegram Merchants
Previously, Telegram users had limited options for crypto services, relying on basic bots with links to external cryptocurrency payment systems. However, with Wallet Pay, merchants can seamlessly accept cryptocurrency payments directly within the Telegram app. This convenient feature includes the ability to complete payments within chats, offering a streamlined experience for both merchants and customers.
Limited Adoption and Telegram’s Crypto Journey
Despite Telegram’s foray into cryptocurrency services over a year ago, the adoption rate has remained relatively low. Wallet services, which enable crypto transfers among Telegram users, are used by only 2 million out of the platform’s 700 million members. Telegram’s involvement in cryptocurrency traces back to the development of the TON blockchain project. However, legal disputes with the U.S. Securities and Exchange Commission (SEC) led to its abandonment in 2020.
Wallet Pay Features and Functionality
Wallet Pay facilitates payments within Telegram using Bitcoin, Tether, and Toncoin. Users can make payments to merchants through bots or web applications integrated into Telegram. The payment process is quick and secure, requiring just a few taps within the merchant’s bot or web application. Wallet Pay users don’t need to possess the cryptocurrencies beforehand; they can conveniently top up their Wallet account using a bank card during the payment process. Additionally, Telegram allows peer-to-peer crypto transfers between users via the @wallet bot.
Криптовалютные платежи в Telegram стали проще
Команда кошелька Wallet запустила сервис Wallet Pay, с помощью которого продавцы смогут мгновенно принимать платежи в криптовалюте, а пользователи расплачиваться за товары и услуги внутри Telegram.https://t.co/XKsKEqM22E pic.twitter.com/nxNpzb0bXh
— Rozetked (@rozetked) July 13, 2023
Leveraging Telegram’s User Base and TON Foundation’s Role
The integration of Wallet Pay into Telegram presents an opportunity for merchants to tap into the vast user community of over 700 million individuals. The TON Foundation, a non-commercial group supporting the TON blockchain, emphasized the potential for businesses to benefit from Wallet Pay’s seamless payment solution. Andrew Rogozov, a founding member of the TON Foundation, expressed the mission of TON to drive mass adoption of cryptocurrency through the development and promotion of highly demanded functionalities.
Wallet Pay’s Availability and Future Updates
Interested users can participate in Wallet Pay’s public beta by accessing the Wallet Pay bot or apply as a merchant through the website. The TON Foundation is expected to provide further updates on the technology’s scaling and availability in the near future. The Open Network, originally designed by Telegram Messenger’s founders in 2018, was later handed over to the TON community for ongoing development.
Wallet Pay’s introduction within Telegram opens up new possibilities for merchants and users alike. By enabling seamless cryptocurrency payments, Wallet Pay aims to contribute to the broader adoption of digital currencies. With its user-friendly interface and secure transactions, this feature has the potential to reshape the way payments are made within the Telegram ecosystem.