Telegram Messenger now offers crypto-friendly cryptocurrency payment options, expanding the crypto payment industry.
Wallet, a Telegram bot that allows users to buy and sell cryptocurrencies such as Bitcoin, has launched a crypto payment solution based on The Open Network (TON) blockchain.
The new Wallet Pay service will enable crypto payment transactions between users and retailers, allowing payments directly within the Telegram interface.
Currently, the list of jurisdictions supported by Wallet Pay includes most countries except the United States and those on the Financial Action Task Force's blacklist, a Wallet spokesperson said. rice field. For example, Wallet Pay does not serve countries such as Iran, Myanmar, and North Korea.
Some countries where wallet bots operate do not allow residents to pay in digital assets, so the wallet service delegates responsibility for compliance to local businesses. A wallet rep explained:
"Businesses should ascertain whether they are permitted to conduct business in their jurisdiction before seeking to utilize Wallet Pay.
Russia, Indonesia, Vietnam, Iran, and Egypt are among the countries and territories where citizens are not permitted to use cryptocurrencies to pay for products and services. Russia, which will formally outlaw crypto payments in the nation in 2020, is currently the second-largest country for Telegram downloads after India, according to Statista."
The top 10 countries with the most Telegram app downloads also included Indonesia, Egypt, and Vietnam. A Wallet Pay representative pointed out that the company has yet to implement the Know Your Business (KYB) process, so the platform does not know which merchants will test its payment capabilities first. The speaker said:
The answer is currently unknown since even though our support team has gathered hundreds of requests, we haven't started the KYB process on any of them before the launch.
Additionally, the spokesman underlined that the business runs apart from Telegram. His Telegram Web Apps open protocol, on which wallet bots and applications are based, enables developers to create their own apps and services on top of his Telegram.
This payment service is available through his special Telegram bot or the official Wallet Pay website. Users should always verify the source of the bot if they are considering trying it out.