Wallet, a bot integrated within Telegram, has unveiled a new payment solution called Wallet Pay, built on the TON blockchain. The feature aims to enable direct cryptocurrency transactions between customers and businesses within the Telegram app.
Wallet Pay was announced on July 13 and is immediately available in all regions where the wallet service is supported, except for the United States and countries blacklisted by the Financial Action Task Force (FATF), such as Iran, Myanmar, and North Korea.
In jurisdictions where Wallet operates but cryptocurrency payments are restricted, compliance responsibility is placed on local businesses. To integrate Wallet Pay, businesses must ensure they are legally permitted to operate within their region.
Several countries, including Russia, Indonesia, Vietnam, Iran, and Egypt, have prohibited residents from using cryptocurrency for purchasing goods or services. However, interestingly, these countries rank among the top 10 in terms of Telegram app downloads, with Russia being the second highest, after India.
While the launch of Wallet Pay is imminent, the specific merchants who will pioneer the new payment feature have not yet been identified. The company plans to implement a know-your-business (KYB) procedure to facilitate this identification in the near future.
The introduction of Wallet Pay within the Telegram app provides users with a convenient and secure option to transact with cryptocurrencies directly, expanding the functionality and usability of digital assets in everyday transactions.