image 1624In the dynamic arena of digital payments, a novel cryptocurrency solution from Wallet, a bot developed by the TON Foundation, is ushering in a revolution.
This bot, integrating with the popular messenger app Telegram, is transforming the crypto economy by facilitating seamless cryptocurrency transactions.
Shattering the cryptocurrency payment glass ceiling
The Wallet bot from the TON Foundation, recognized for its progressive stride in the cryptocurrency space, has launched Wallet Pay.
This unique offering is based on The Open Network (TON) blockchain, paving the way for effortless transactions between users and retail businesses, all through the intuitive interface of Telegram.
This advanced payment service is readily available in multiple jurisdictions worldwide, making crypto transactions more convenient for a larger user base.
However, several countries, including the United States and those on the Financial Action Task Force’s blacklist like Iran, North Korea, and Myanmar, are currently excluded from this service.
Regulatory compliance: A treading path
While Wallet Pay stands as a significant landmark in the crypto payment domain, there are a few stumbling blocks on its course. Many countries where the Wallet bot is operational have stringent restrictions on cryptocurrency usage, delegating the burden of adherence to local businesses.
These businesses are encouraged to familiarize themselves with their jurisdiction’s cryptocurrency regulations before opting for Wallet Pay.
Among the countries prohibiting residents from crypto payments are Russia, Indonesia, Vietnam, Iran, and Egypt. Russia, which officially curbed domestic crypto payments in 2020, is the second-largest market for Telegram downloads, preceded only by India.
Indonesia, Egypt, and Vietnam also rank among the top 10 countries for Telegram app downloads. With Wallet Pay now ready for deployment, the anticipation is high regarding the first merchants to adopt this advanced payment feature.
Despite having received numerous inquiries, the firm has not initiated the Know Your Business (KYB) procedure, hence the identity of the first adopters remains uncertain.
The firm prioritizes operational transparency and operates independently from Telegram. The Wallet bot and application utilize the Telegram Web Apps open protocol, facilitating developers to create unique apps and services within Telegram.
The Wallet Pay service can be accessed via a dedicated bot within Telegram or through the official Wallet Pay website. At its launch, Wallet Pay supports Bitcoin, Tether, and Toncoin, the three cryptocurrencies currently facilitated by its wallet service.
Unlike many noncustodial wallets like MetaMask, Wallet, a bot from the TON Foundation, offers a custodial solution, with its own fee structure. Fees for crypto payments are projected to range from 1% to 3% during the beta testing period.
As we delve deeper into the crypto era, the Wallet bot from the TON Foundation is making a firm statement with its Wallet Pay service. It aspires to redraw the boundaries of the crypto payment industry, setting an aspirational standard for others in the field.
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