Wallet, a payment solution based on The Open Network (TON) and integrated into Telegram, is launching Wallet Pay. This feature allows Bitcoin, Tether and Toncoin merchant payments on the popular messaging app. Both vendors and Wallet Pay users can now use their crypto assets to make instant and secure payments for goods and services.
The payment process is smooth and simple, requiring just a few taps within the merchant’s bot or web application on Telegram. This statement was provided by the TON Foundation.
TON Foundation is a non-commercial group of supporters and contributors behind TON blockchain.
Telegram’s 700 million users
Wallet Pay users don’t have to hold the cryptocurrencies beforehand and can top up their Wallet account using a bank card during the payment process.
Did you know that in addition to Wallet Pay for transactions between consumers and merchants, Telegram also offers peer-to-peer crypto transfers between users through the @wallet bot?
According to the TON Foundation, this integration will allow merchants to access Telegram’s massive user base of more than 700 million people.
“Various businesses can leverage the Telegram and TON ecosystems by utilizing Wallet Pay’s seamless payment solution,” TON Foundation founding member Andrew Rogozov said in the statement. “By developing and promoting such a frequently demanded functionality, we are taking another step towards the mass adoption of cryptocurrency, which is the core mission of TON.”
To try out Wallet Pay’s public beta, users can utilize the Wallet Pay bot or submit a merchant application through the website. More information on the technology’s scaling and availability is anticipated in the near future.
The Open Network was initially created in 2018 by the creators of Telegram Messenger, but it was eventually passed on to the TON community for further advancements.
Last month, TON Foundation proposed a burn mechanism for TON network, suggesting a 50% transaction fee burn.
