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Telegram introduces in-app crypto payments



Telegram, a popular messaging app, has recently introduced a new feature called Wallet. This feature allows merchants to accept cryptocurrency payments directly within the app. Powered by the Wallet Bot, a third-party service, users can now buy, sell, and store cryptocurrencies.

Wallet is currently available in most jurisdictions, with some exceptions for countries that have sanctions against cryptocurrency or strict financial regulations. 

The Wallet representative clarified that their company operates separately from Telegram. They utilize the Telegram Web Apps protocol to develop their Wallet bot and application. Users can access the payment service via the dedicated Telegram bot or the official website. However, users are advised to verify the bot’s source before using it.

Users also have the option to pay merchants with Bitcoin (BTC), Tether (USDT), and Toncoin (TON). Payments are processed instantly, and there are no additional fees for using Wallet.

Despite receiving numerous requests from vendors eager to adopt the payment feature, Wallet has not yet integrated the Know Your Business (KYB) procedure into its protocol. 

As a result, the company advises potential vendors to exercise caution and verify whether their local regulations permit them to accept cryptocurrency payments before proceeding with their applications.

The introduction of in-app crypto payments is a significant development for the cryptocurrency industry. It simplifies the process for merchants to accept cryptocurrency payments, while also providing consumers with more options for online purchases.

In March, Telegram introduced its first USDT transfer feature on the app. This feature allows users to send and receive the popular stablecoin directly within the messaging app.

Currently, Telegram only supports the Tron-based version of USDT (TRC20), which operates on Tron’s blockchain. However, it provides users with the convenience of sending USDT to friends without incurring any transaction fees.

Additionally, in June, Telegram announced that it would be launching a story feature in July due to high user demand. The story feature will give users precise control over who can view their stories, offering options such as everyone, contacts with exceptions, selected contacts, or a list of close friends.

Read also; 
Telegram to explore more Web3 features soon

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