Telegram Bot Wallet Launches Crypto Payment Service, Advises Merchants to Check Local Regulations
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Modified on: Fri, 14 Jul, 2023 at 2:30 AM
In a ground-breaking move for the cryptocurrency world, Wallet, the innovative Telegram bot, has unleashed Wallet Pay, a cutting-edge payment solution built on the powerful TON blockchain.
This game-changing feature enables users and retail businesses to engage in seamless crypto transactions right within the Telegram interface.
Excitingly, Wallet Pay is now available in all supported jurisdictions, making it accessible to users across most countries. Unfortunately, due to regulatory restrictions, the service is currently not available in the United States or other nations blacklisted by the esteemed Financial Action Task Force. Regrettably, this means countries like Iran, Myanmar, and North Korea will have to wait a little longer to join the crypto revolution.
However, Wallet Pay emphasizes that compliance responsibility lies with local businesses, as some countries do not permit residents to use cryptocurrencies for payments. It's essential for merchants to ascertain their jurisdiction's stance on crypto acceptance before applying for Wallet Pay. After all, regulations vary from country to country.
Among the countries where crypto payments are restricted are Russia, Indonesia, Vietnam, Iran, Egypt, and others. Notably, Russia, despite being the second-most prolific country in terms of Telegram downloads, has prohibited domestic crypto payments since 2020. Wallet Pay recognizes this diverse landscape and hopes businesses will navigate their local regulations responsibly.
As Wallet Pay gears up for its launch, the platform remains curious about which merchants will be the first to test this ground-breaking payment feature. While hundreds of requests have already poured in, the Know Your Business (KYB) procedure has yet to be initiated. Rest assured, Wallet Pay's team is diligently working to identify the pioneers who will shape the future of digital payments.
It's important to note that Wallet operates independently from Telegram, building upon the Telegram Web Apps open protocol. This innovative approach empowers developers to create their own apps and services within the Telegram ecosystem. Users must exercise caution and verify the bot's authenticity before engaging with Wallet Pay to ensure a secure experience.
Wallet Pay proudly supports three prominent cryptocurrencies: Bitcoin, Tether (USDT), and Toncoin (TON). As a custodial wallet, Wallet Pay follows a distinct fee structure, ranging from 1% to 3% during the beta period. Additionally, users should be aware of withdrawal fees.
Prepare to revolutionize the way you transact. With Wallet Pay's seamless integration into Telegram, the era of crypto payments has arrived. Stay tuned as this ground-breaking feature paves the way for a future where digital currencies reign supreme!
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