Telegram Wallet bot has launched a new feature called Wallet Pay, enabling users to make cryptocurrency payments directly within the Telegram interface. The payment solution is built on The Open Network (TON) blockchain and supports transactions between users and retail businesses. However, merchants need to ensure that their jurisdictions allow crypto payments before using the service.
Wallet Pay is available in most countries supported by the wallet service, except for the United States and those blacklisted by the Financial Action Task Force. Notable exclusions include Iran, Myanmar, and North Korea. Compliance responsibility falls on local businesses operating in countries that prohibit crypto payments. Telegram’s popularity in Russia, despite the country banning domestic crypto payments, raises interest as it is one of the top markets for the messaging app.
Wallet Pay Requests and Independence
Wallet Pay has received numerous requests from merchants interested in testing the payment feature, but the Know Your Business (KYB) procedure has not been initiated yet. The platform operates independently from Telegram and is based on the open protocol called Telegram Web Apps, which allows developers to create their own apps and services within the Telegram ecosystem.
The payment service can be accessed through the dedicated Wallet bot on Telegram or via the official Wallet Pay website. Users are advised to verify the source of the bot before use. Wallet’s custodial wallet structure differentiates it from non-custodial wallets like MetaMask. During the beta period, fees for crypto payments range from 1% to 3%. Additionally, withdrawal fees for Bitcoin, USDT, and TON are 0.0004 BTC ($12), 2 USDT, and 0.05 TON, respectively.
Overall, Telegram Wallet’s introduction of Wallet Pay expands the options for in-app cryptocurrency payments, catering to users and retail businesses within supported jurisdictions. However, regulatory compliance remains a crucial consideration for merchants in determining their eligibility to accept crypto payments.