Telegram Introduces An In-app Crypto Payments

Popular messaging app, Telegram, has recently introduced a new feature called Wallet. This feature allows merchants to accept cryptocurrency payments directly within the app.

By Staff

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Telegram, a widely used messaging app, has recently unveiled an exciting addition called Wallet, enabling merchants to accept cryptocurrency payments directly within the app. This feature, powered by the Wallet Bot, a third-party service, empowers users to buy, sell, and store cryptocurrencies seamlessly.

Wallet is currently accessible in most jurisdictions, with certain exceptions for countries that impose sanctions on cryptocurrencies or enforce strict financial regulations. It is important to note that the Wallet service operates independently from Telegram. While utilizing the Telegram Web Apps protocol, the Wallet bot and application are developed by a separate entity. To access the payment service, users can employ either the dedicated Telegram bot or visit the official website. However, it is advised to verify the authenticity of the bot’s source before utilizing it.

Wallet users have the flexibility to pay merchants using Bitcoin (BTC), Tether (USDT), and Toncoin (TON). Transactions are processed instantaneously, without any additional fees associated with using the Wallet feature.

It is worth mentioning that Wallet has not yet integrated the Know Your Business (KYB) procedure into its protocol, despite receiving numerous requests from vendors eager to adopt this payment feature. Consequently, potential vendors are advised to exercise caution and ensure compliance with local regulations regarding the acceptance of cryptocurrency payments before proceeding with their applications.

The introduction of in-app crypto payments through Wallet represents a significant development for the cryptocurrency industry. This feature simplifies the process for merchants to accept cryptocurrency payments while providing consumers with more options for online purchases. By enabling direct payments within the messaging app, Telegram contributes to the growing mainstream acceptance and adoption of cryptocurrencies.

In March, Telegram introduced its first USDT transfer feature within the app. This functionality allows users to send and receive the popular stablecoin directly through the messaging platform. Currently, Telegram only supports the Tron-based version of USDT (TRC20), which operates on the Tron blockchain. This integration enables users to conveniently send USDT to friends without incurring any transaction fees.

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