Wallet Pay: New Cryptocurrency Payment Solution on Telegram

Introducing Wallet Pay

Wallet, a Telegram bot, has launched Wallet Pay, a new payment solution using The Open Network (TON) blockchain. This service enables cryptocurrency transactions directly within the Telegram app, catering to both customers and businesses. As of July 13, the feature is accessible across all regions supported by the wallet, excluding the United States and countries blacklisted by the Financial Action Task Force (FAFT).

Geographic Restrictions and Compliance

Certain jurisdictions prohibit cryptocurrency payments, transferring compliance responsibilities to local businesses. Wallet emphasizes that businesses must verify their legal standing before adopting Wallet Pay. Countries like Russia, Indonesia, Vietnam, Iran, and Egypt restrict residents from using crypto for purchases, although they rank highly in Telegram downloads.

Merchant Integration and Independence

The rollout of Wallet Pay includes identifying pioneering merchants through the know-your-business (KYB) procedure, which remains pending. Despite its integration with Telegram, Wallet operates independently, utilizing the Telegram Web Apps protocol for development. Users can access Wallet Pay via a Telegram bot or its official website, with verification recommended to avoid scams.

Supported Cryptocurrencies and Fees

Wallet Pay currently supports transactions in bitcoin (BTC), tether (USDT), and toncoin (TON). During its beta phase, transaction fees range from 1% to 3%. Withdrawal charges are set at 0.0004 BTC, 2 USDT, and 0.05 TON, depending on the cryptocurrency used.

Wallet Pay's innovative integration within Telegram marks a significant step in facilitating cryptocurrency payments, promising a seamless experience for users and businesses alike.