Wallet, the crypto and payment solution based on The Open Network (TON) and integrated into Telegram, is launching Wallet Pay, enabling Bitcoin, Tether and Toncoin merchant payments on the popular messaging app.
Vendors and Wallet Pay users can use the crypto assets to make instant and secure payments for goods and services. “The smooth and simple payment process requires just a few taps within either the merchant’s bot or web application on Telegram,” a statement provided by the TON Foundation said.
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. While Wallet Pay is for transactions between consumers and merchants, peer-to-peer crypto transfers between users are also available in Telegram via the @wallet bot.
The TON Foundation said the integration would enable merchants to tap into Telegram's vast user community of over 700 million individuals.
"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."
The Open Network was originally designed in 2018 by the founders of Telegram Messenger and later handed over to the TON community to continue its development.
Last month, TON Foundation proposed a burn mechanism for TON network, suggesting a 50% transaction fee burn.
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