Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON

The cryptocurrency payment industry continues to evolve with a brand-new cryptocurrency payment alternative concerning crypto-friendly Telegram messenger.Wallet, a Telegram bot allowing users to purchase and offer cryptocurrencies like Bitcoin (BTC), has actually launched a crypto payment service based upon The Open Network (TON) blockchain.Called Wallet Pay, the brand-new service offers crypto payment transactions in between users and retail organizations, making it possible for direct payments within the Telegram interface.Announcing the news on July 13, Wallet told Cointelegraph that the new payment function is right away offered within all jurisdictions supported by the wallet service.At the minute, this list of supported jurisdictions supported by Wallet Pay includes most countries other than for the United States and those blacklisted by the Financial Action Task Force, a spokesperson for Wallet stated. Wallet Pay doesnt serve nations like Iran, Myanmar and North Korea.As some nations of Wallet bots operation do not enable locals to pay using cryptocurrency, the wallet service puts compliance responsibility on local organizations. The Wallet agent mentioned:” Businesses need to decide if they are permitted to do business within their jurisdiction prior to using to make use of Wallet Pay.” The list of jurisdictions that do not allow their residents to pay for services and products with crypto includes nations like Russia, Indonesia, Vietnam, Iran, Egypt and others. Russia, which formally banned domestic crypto payments from 2020, is the second-biggest country in terms of Telegram downloads, 2nd after India, according to information from Statista. Indonesia, Egypt and Vietnam are also amongst the top 10 countries of Telegram app downloads.Top 10 nations by Telegram app downloads. Source: StatistaThe Wallets representative noted that the platform isnt conscious what merchants would be first to check out its payment feature due to the fact that the company hasnt launched the Know Your Business (KYB) treatment yet. The representative said:” We have had a few hundred requests gathered by our support group, however we did not begin the KYB procedure with these requests prior to launch, so we do not yet understand who will be the very first to carry out the function.” The Wallet representative likewise worried that the company runs its operations separately from Telegram. The Wallet bot and application are based upon the open procedure called the Telegram Web Apps, which allows designers to develop their own apps and services on Telegram.The payment service is readily available through a devoted bot on Telegram or via the main Wallet Pay site. Users ought to take care to guarantee they validate the source of the bot if they consider trying it.Related: Tourists are dissatisfied with crypto payments restriction in BaliWallets new payment function supports three cryptocurrencies that are currently included on its wallet service. These cryptocurrencies include Bitcoin, Tether (USDT) stablecoin and Toncoin (TON). Unlike self-custodial, or non-custodial wallets like MetaMask, the Telegram Wallet Bot operates a custodial wallet and has its own charge structure.” As of today, Wallet is a custodial service,” the Wallets representative told Cointelegraph. The representative added that fees for crypto payments will “range from 1% to 3% throughout the beta period.” According to the Wallet Support information, the Telegram Wallet bot also currently takes a 0.0004 BTC ($ 12) commission for withdrawing the cryptocurrency from its custodial wallet. USDT and TONs withdrawal fees amount to 2 USDT and 0.05 TON, respectively.Magazine: Asia Express: China broadens CBDCs tentacles, Malaysia is HKs brand-new crypto rival

The cryptocurrency payment market continues to progress with a new cryptocurrency payment choice coming to crypto-friendly Telegram messenger.Wallet, a Telegram bot allowing users to buy and offer cryptocurrencies like Bitcoin (BTC), has released a crypto payment solution based on The Open Network (TON) blockchain.Called Wallet Pay, the brand-new service offers crypto payment deals in between users and retail companies, making it possible for direct payments within the Telegram interface.Announcing the news on July 13, Wallet told Cointelegraph that the brand-new payment feature is immediately offered within all jurisdictions supported by the wallet service.At the minute, this list of supported jurisdictions supported by Wallet Pay consists of most nations other than for the United States and those blacklisted by the Financial Action Task Force, a representative for Wallet stated. Unlike self-custodial, or non-custodial wallets like MetaMask, the Telegram Wallet Bot runs a custodial wallet and has its own charge structure.” According to the Wallet Support data, the Telegram Wallet bot also currently takes a 0.0004 BTC ($ 12) commission for withdrawing the cryptocurrency from its custodial wallet.

Other Questions People Ask

What cryptocurrencies can be used with the Telegram Wallet bot for in-app payments?

The Telegram Wallet bot enables in-app payments using Bitcoin (BTC), Tether (USDT), and Toncoin (TON). This allows users to conduct transactions directly within the Telegram interface, making it a convenient option for cryptocurrency payments. The service is designed to facilitate transactions between users and retail businesses, enhancing the overall user experience on the platform.

How does the Telegram Wallet bot ensure compliance with local regulations for in-app payments?

The Telegram Wallet bot places the compliance responsibility on local businesses that wish to use Wallet Pay. Businesses must determine if they are permitted to operate within their jurisdiction before utilizing the payment feature. This is particularly important as some countries, such as Russia and Iran, have restrictions on cryptocurrency payments.

What are the fees associated with using the Telegram Wallet bot for cryptocurrency transactions?

The Telegram Wallet bot operates a custodial wallet and has a fee structure that ranges from 1% to 3% during its beta period for crypto payments. Additionally, there are specific withdrawal fees, such as a commission of 0.0004 BTC (approximately $12) for withdrawing Bitcoin. Users should be aware of these fees when planning to use the service for transactions.

Is the Telegram Wallet bot independent from the Telegram messaging platform?

Yes, the Telegram Wallet bot operates independently from the Telegram messaging platform. It is based on an open protocol called Telegram Web Apps, which allows developers to create their own applications and services within Telegram. This separation ensures that the wallet service can manage its operations and compliance independently.

What should users verify before using the Telegram Wallet bot for payments?

Before using the Telegram Wallet bot for payments, users should ensure they validate the source of the bot. This is crucial to avoid scams or unauthorized services that may impersonate the official wallet. Users can access the payment service through a dedicated bot or the official Wallet Pay website to ensure they are using the legitimate service.