- Telegram Wallet Pay enables merchants to accept BTC, USDT, and TON.
- 2 million Telegram members have been 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.
— Wallet on Telegram (@wallet_tg) July 13, 2023
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
Telegram Wallet Pay: What Crypto Market Should Expect?
Telegram Wallet Pay actively supports three major cryptocurrencies: Bitcoin (BTC), Tether (USDT) on Tron, and Toncoin (TON). The Wallet service seamlessly integrates these digital assets, ensuring a user-friendly experience for extensive user base. It is important to note that the Wallet Pay API was not officially developed by 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.
Meanwhile, the TON blockchain project marked Telegram’s entry into the world of cryptocurrencies, but it faced legal challenges from the US SEC and was ultimately abandoned in 2020. However, The TON Foundation has carried the torch forward, and the introduction of Wallet Pay represents a solid milestone in it’s crypto journey.
The integration of Wallet Pay 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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