After enabling crypto transfers and trades for users earlier, the Telegram Wallet bot has enabled merchants to accept crypto payments in a new development.
The Telegram Wallet bot, built on the TON blockchain, has a new use case for retail crypto payments. Merchants could now receive crypto payments through the messaging service. Earlier, Telegram facilitated a payment mechanism through chats between users.
Users could now pay for services and goods using Bitcoin, tether, and toncoin. All regions supporting the wallet service would immediately get the new feature from Telegram. The onus of compliance falls on the local businesses using the service.
Officials from Wallet have clarified businesses should get clarity from local rules before using the service. Several countries do not allow payments through crypto currently.
“We have had a few hundred requests collected by our support team, but we did not start the KYB procedure with these requests prior to launch, so we don’t yet know who will be the first to implement the feature,” said executives of Telegram Wallet. They were referring to which merchants would use the service first.
They also clarified that the Wallet bot’s operations ran independently from that of the Telegram messaging service. The bot and application are based on the open protocol of the Telegram Web Apps. The latest payment service is available through the bot or through its website.
The bot would also run its own fee structure through a custodial wallet. The fees will range from 1% to 3% in the initial stage.