The popular instant messaging app Telegram has enabled crypto payments for merchants on the platform through a new feature dubbed WalletPay. The feature will allow merchants on Telegram to receive payments through Bitcoin (BTC), Tether (USDT), and Toncoin (TON) for goods and services. The platform has already added support for BTC and USDT, in addition to TON, to its Wallet payment solution for users. - The support enabled crypto transfers between users directly within the chat, and users started being able to buy and sell the famous tokens just like sending a text or photograph.
- The latest move expanded the feature to include merchants.
- Merchants can now integrate supported cryptocurrencies into the bots they use to accept payments and receive instant payments directly within chats.
- Wallet Pay users do not need to hold cryptocurrencies before the payment and can load funds to their accounts during the payment process.
- The @wallet bot is Telegram's payment solution built on The Open Network (TON), and 2 million of the more than 700 million Telegram members currently use the Wallet services.
Telegram took its first big step toward Web3 by starting the development of its own blockchain project dubbed TON. - The platform abandoned the project in 2020 due to legal conflicts with the U.S. Securities and Exchange Commission (SEC), but the TON Foundation embodying community members kept it alive.
- The popular messaging app has also been developing a blockchain-based auction platform called Fragment on the TON network since last year.
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