Riding the wave of significant growth in the cryptocurrency industry, popular messaging app Telegram has shown its commitment to embracing cryptocurrencies. They’ve done so by integrating Wallet Pay, a payment solution rooted in The Open Network [TON]. This move has paved the way for merchants to accept popular cryptocurrencies as payment.
Cryptocurrency Payments Made Possible
The recent integration allows users to pay for goods and services using Bitcoin [BTC], Tether [USDT], and Toncoin [TON]. Prior to this, the network already facilitated crypto transfers between users during chats. The latest development, however, enables merchants to incorporate cryptocurrencies into the bots they use to accept payments. The Ton Foundation affirmed,
“Merchants can now accept cryptocurrency payments within the Telegram app effortlessly, thanks to WalletPay. This includes features like making payments directly within chats.”
The service is immediately available in all areas supported by the wallet service. However, residents of certain countries, including Russia, Indonesia, Vietnam, Iran, Egypt, and others, cannot use cryptocurrencies to pay for goods and services. Despite being the second-largest source of Telegram downloads, Russia’s uncertain stance on Bitcoin might mean this service gets overlooked.
How to Utilize Telegram’s Wallet Pay
No prerequisite of owning crypto assets is necessary for Wallet Pay users. They can refill their Wallet account using a bank card at the point of payment. Primarily facilitating transactions between consumers and merchants, Wallet Pay also allows Telegram to offer peer-to-peer crypto transfers between users via the @wallet bot.
Telegram introduced cryptocurrency services about a year ago, aiming to make sending and receiving cryptocurrency as straightforward as instant messaging. Yet, these services haven’t seen widespread popularity. According to the payments provider, out of Telegram’s 700 million-plus user base, only 2 million users currently use Wallet services.
