- Telegram Wallet Pay enables merchants to accept BTC, USDT, and TON.
- 2 million Telegram members onboarded as users of its Wallet services to date.
Telegram introduced Wallet Pay on Thursday, enabling merchants to accept cryptocurrency payments directly via the messaging app. This latest innovation has garnered great attention from market analysts as it simplifies crypto payments within chats by bots.
Introducing Wallet Pay: Fast & easy crypto payments for goods and services in @telegram.
Start accepting $TON, $USDT, and $BTC for purchases within your @telegram bot or service.
Connect to Wallet Pay now: https://t.co/qc85JKHwrQ pic.twitter.com/P3PS9SWKCT
— Wallet on Telegram (@wallet_tg) July 13, 2023
Telegram Wallet Pay: What Crypto Market Should Expect?
Telegram’s Wallet Pay currently offers support for three major cryptocurrencies: Bitcoin (BTC), Tether (USDT) on Tron, and Toncoin (TON). These digital assets are seamlessly integrated into the Wallet service, ensuring a user-friendly experience for Telegram’s vast user base. One important thing to be noted is that the Wallet Pay API was not officially developed by Telegram developers.
Unlike self-custodial wallets like MetaMask, Telegram Wallet Pay operates as a custodial wallet. This approach simplifies the transaction process, providing users with enhanced security and convenience. During the beta period, Wallet Pay implements a fee structure ranging from 1% to 3% for crypto payments. This transparent pricing model shows fairness and enables merchants to have a clear understanding of the costs associated with their transactions.
Telegram’s foray into the world of cryptocurrencies began with the TON blockchain project, which faced legal challenges from the US SEC and was ultimately abandoned in 2020. However, the torch has been carried forward by The TON Foundation, and the introduction of Wallet Pay marks a solid milestone in Telegram’s crypto journey.
The integration of Wallet Pay within the Telegram interface opens up a world of possibilities for users and merchants alike. It allows businesses to tap into the growing trend of cryptocurrency payments, expanding their customer base.
However, these crypto-related services rendered by Telegram have not attained a notable mark in terms of wide adoption. Evidently, only 2 million members are registered as users of the messaging app’s Wallet services.
Yet as the crypto market continues to thrive, Telegram Wallet Pay is expected to play a pivotal role in promoting the mainstream adoption of cryptocurrencies.
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