With Wallet Pay, users can conveniently make direct payments using Tether, Toncoin, and Bitcoin within the Telegram app. This feature enables payments to merchants through bots or web applications on Telegram.
Wallet, the crypto and payment solution integrated into Telegram and based on The Open Network (TON), introduces Wallet Pay. This feature allows for merchant payments in Bitcoin, Tether, and Toncoin directly on the popular messaging app.
Vendors and Wallet Pay users can utilize crypto assets for quick and secure payments when purchasing goods and services. The payment process is streamlined and straightforward, requiring just a few taps within the merchant’s Telegram bot or web application, as stated by the TON Foundation.
The TON Foundation comprises a non-commercial community of supporters and contributors who are involved with the TON blockchain.
Telegram Surpasses 700 Million Users Milestone:
Wallet Pay users now have the convenience of topping up their Wallet account using a bank card during the payment process, eliminating the need to hold cryptocurrencies in advance. In addition to facilitating consumer-merchant transactions, Telegram’s @wallet bot enables peer-to-peer crypto transfers between users.
With this integration, merchants can tap into Telegram’s vast user community of over 700 million individuals, providing a significant opportunity for businesses.
Andrew Rogozov, a founding member of the TON Foundation, expressed that Wallet Pay’s seamless payment solution contributes to the mass adoption of cryptocurrency, aligning with TON’s core mission.
Users can participate in Wallet Pay’s public beta through the Wallet Pay bot or apply as a merchant via the website, with further updates on scalability and availability anticipated.
The Open Network, originally designed by Telegram Messenger’s founders in 2018, was subsequently entrusted to the TON community for ongoing development. Recently, the TON Foundation proposed a burn mechanism suggesting a 50% transaction fee burn for the TON network.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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