Telegram Wallet has launched a new solution for cryptopayments based on The Open Network (TON) blockchain. The new service, called Wallet Pay, facilitates transactions between users and companies and allows direct payments in the Telegram interface. Payments can be made in Bitcoin, TON and USDT.
Wallet Pay allows you to pay with cryptocurrency for any goods and services presented on Telegram. Customers will be able to top up their cryptocurrency account using a bank card directly during the payment process.
Telegram representatives said that the new payment feature is available in all jurisdictions supported by the service. Currently, this list of jurisdictions includes most countries except the United States and those blacklisted by the Financial Action Task Force. For example, Wallet Pay does not serve countries such as:
Iran,
Myanmar
North Korea.
Since some of the countries in which the Wallet bot operates do not allow residents to pay with cryptocurrency, the wallet service leaves the responsibility for compliance to local companies. A Wallet spokesperson said companies must decide whether they are allowed to do business in their jurisdiction before applying to use Wallet Pay.”
Telegram Wallet Bot manages a custodial wallet and has its own fee structure
The bot manages the custodial wallet and has its own commission structure. Commissions for cryptocurrency payments will range from 1% to 3% during the beta testing period. According to wallet support, the bot currently charges a fee of 0.0004 Bitcoin ($12) for withdrawing cryptocurrency from its custodial wallet. The fee for withdrawals in USDT and TON is 2 USDT and 0.05 TON, respectively.
A Wallet representative indicated that the company operates independently of Telegram. The bot and Wallet app are based on the open Telegram Web Apps protocol. It allows developers to create their own applications and services in Telegram. The payment service is available through a bot in Telegram, the official website of Wallet Pay.
It is not yet known which companies will be the first to test the new payment function, because the Know Your Business (KYB) procedure has not yet been launched.#TON #BTC #USDT
