The popular messaging service Telegram has officially launched a new era with the introduction of Wallet Pay. This new feature allows users to make in-app payments using Bitcoin (BTC), Tether (USDT), and Toncoin (TON).
Telegram’s Crypto-Centric New Feature: Wallet Pay
Telegram rolled out Wallet Pay, a solution enabling cryptocurrency and payment possibilities with BTC, USDT, and TON within the popular messaging app, integrated into The Open Network (TON).
Sellers and Wallet Pay users can use BTC, USDT, and TON for instant and secure payments for goods and services. In a statement from the TON Foundation, the non-commercial supporters and contributors behind the TON Blockchain, it was said that “a seamless and simple payment process only requires a few touches in the bots created by sellers or in the web application on Telegram.”
Users of Wallet Pay will be able to load money onto their wallet accounts using a bank card during the payment process without having to hold their cryptocurrencies in advance. Although Wallet Pay is for transactions between consumers and sellers, peer-to-peer (P2P) crypto transfers will be possible via the @wallet bot on Telegram.
Telegram’s User Count Exceeds 700 Million
The TON Foundation stated that the integration will allow sellers to benefit from Telegram’s user community, which consists of more than 700 million people. TON Foundation’s founding member Andrew Rogozov said, “Various businesses can benefit from Telegram and TON ecosystems by using Wallet Pay’s seamless payment solution. By developing and promoting such a demanded feature, we are taking another step towards the mass adoption of cryptocurrency, which is the core mission of TON.”
Users can try the public beta version of Wallet Pay via the Wallet Pay bot or apply as a seller through the website. Information regarding the scaling and usability of the technology is expected to be shared soon.
The Open Network, first designed by the founders of Telegram Messenger in 2018, was later handed over to the TON community for further development. Last month, the TON Foundation made a notable proposal for a burning mechanism for the TON network, suggesting that 50% of the transaction fees be burned.
