Telegram Wallet integrates in-app payments! Easily make payments to merchants with USDT, BTC, and TON.

The hosted wallet bot Telegram Wallet on Telegram has launched an encrypted payment service Wallet Pay based on the TON blockchain, speeding up the process for users to purchase goods and making transactions more convenient. Currently, it supports payments in three cryptocurrencies: Bitcoin, USDT, and TON. Merchants from around the world can now register through the official website.

Telegram Expands into the Crypto Payment Space

The communication app Telegram, known for its crypto-friendly stance, has now introduced a new encrypted payment feature called Wallet Pay as part of its rapid expansion into the crypto wallet and payment space.

Wallet Pay is a business platform built within Telegram's built-in crypto wallet service, Wallet, and also functions as a payment system, allowing users to facilitate encrypted cryptocurrency transactions between users and retail merchants within the Telegram app.

Currently, Wallet Pay supports payments using three cryptocurrencies: Bitcoin, $USDT, and $TON, with transaction fees ranging from 1% to 3%. Additionally, users and merchants do not need to hold cryptocurrencies in advance to use the service; they can deposit encrypted assets into their Wallet using bank cards during the payment process.

Wallet Pay is currently available on its Telegram bot or official website for public testing, and some features may be subject to changes upon its official release.

Previously in April this year, the TON Foundation added a built-in wallet feature called Wallet in Telegram, allowing a large number of users to buy, sell, and send cryptocurrencies within the app without fees. Additionally, it has its own P2P trading market.

Merchants Need to Confirm Compliance of Wallet Pay with Local Regulations

Wallet Pay also provides merchants with a comprehensive application guide and states that the service is available in most countries but may vary or be restricted due to local regulations.

Considering that some countries where Telegram operates do not allow the use of cryptocurrencies by the public, the responsibility for compliance has been handed over to local businesses, as stated by internal personnel:

"Before applying to use Wallet Pay, companies should ensure that their relevant operations are allowed to run locally."

According to Statista data, Telegram currently has approximately 700 million monthly active users worldwide, with India, Russia, and the United States being its main markets. However, Russia, the second-largest country in terms of download users, had already banned the use of cryptocurrencies domestically as early as 2020.