• Telegram’s Wallet bot has enabled Bitcoin and USDT payments for merchants.
• The new payment feature, called Wallet Pay, allows users to make payments directly within their chats with merchants.
• Wallet is an independent chatbot built on the TON blockchain and Telegram that allows users to store, trade, and transfer cryptocurrencies.
Telegram’s Wallet Bot Enables Crypto Payments
Telegram’s Wallet bot is enabling merchants to accept Bitcoin (BTC) and Tether (USDT) through the messaging app. Built on The Open Network (TON) blockchain, Wallet lets users transfer cryptocurrencies within chats and has now launched a crypto payment solution called Wallet Pay. This payment feature allows users to make payments directly within their chats with merchants.
Wallet Chatbot Features
The Wallet chatbot is an independent bot built on the TON blockchain and Telegram that allows users to store, trade, and transfer three cryptocurrencies: Toncoin (TON), Tether’s USDT on Tron, and Bitcoin. To receive crypto payments on Telegram, merchants must first apply on the Wallet Pay website. There are already approximately 200 companies in the queue to implement the product, with thousands of small businesses expected to apply in the future.
Creating a New Crypto Wallet
Users can create a new crypto wallet instantly linked to their Telegram account without having to save seed phrases or private keys. Out of over 700 million Telegram members, only 2 million use Wallet services currently due to legal battles with the US Securities and Exchange Commission (SEC). Despite this setback, The TON Foundation has taken over the project since 2020 and continued its development .
Adoption of Cryptocurrency Services
Despite cryptocurrency services being available on Telegram for over a year , only a fraction of its user base has adopted such services . It remains unclear why adoption rates are still low despite availability , though it could be due to lack of awareness or unfamiliarity with cryptocurrency .