The cryptocurrency industry has experienced significant growth, leading to widespread demand for its integration across various platforms. Telegram, a well-known messaging app, has demonstrated its interest in cryptocurrencies by incorporating Wallet Pay, a payment solution built on The Open Network [TON]. This integration enabled merchants to accept payments for using popular cryptocurrencies.
According to reports, the recent inclusion enables users to make payments for goods and services using Bitcoin [BTC], Tether [USDT], and Toncoin [TON]. It is important to mention that the network already facilitates crypto transfers among users within chats. However, the new development allows merchants to integrate cryptocurrencies into the bots they utilize for accepting payments. The Ton Foundation further said,
“With WalletPay, merchants can now seamlessly accept cryptocurrency payments within the Telegram app, with features available such as the ability to make payments directly within chats.”
The availability of this service is immediate in all jurisdictions supported by the wallet service. However, there are certain countries where residents are not permitted to make payments for products and services using cryptocurrencies. These countries include Russia, Indonesia, Vietnam, Iran, Egypt, and others. Russia ranks as the second-largest country in terms of Telegram downloads. However, with the uncertainty of the state of Bitcoin in the region, this service is likely to be overlooked.
Also Read: Sberbank, Russia’s Largest Bank, Will Offer Crypto Trading Services
Here’s how to make use of this feature
Users of Wallet Pay are not required to possess the crypto assets in advance. They have the option to top up their Wallet account using a bank card at the time of making a payment. Wallet Pay primarily facilitates transactions between consumers and merchants. However, the network also offers peer-to-peer crypto transfers between users through the @wallet bot.
The purpose of this integration was to simplify the process of sending and receiving cryptocurrency, making it similar to sending an instant message. However, the adoption and popularity of these services did not gain significant traction. As per the payments provider, out of the vast user base of over 700 million Telegram members, only 2 million users are presently utilizing Wallet services. Speaking about the way forward, Andrew Rogozov, a member of the TON Foundation said,
“Various businesses can leverage the Telegram and TON ecosystems by utilizing Wallet Pay’s seamless payment solution. By developing and promoting such a frequently demanded functionality, we are taking another step towards the mass adoption of cryptocurrency, which is the core mission of TON.”
Also Read: Telegram Users Can Now Send and Receive Tether (USDT)