More consumer-facing examples of the benefits of crypto as money are arriving
The rapid surge in the cryptocurrency realm has resulted in an overwhelming desire for its integration in various domains. Telegram, acknowledging the significance of digital currencies, has showcased its enthusiasm by incorporating Wallet Pay. This innovative payment solution is created on The Open Network (TON), enabling users to effortlessly receive payments through prevalent cryptocurrencies.
Recent reports indicate that users now have the option to utilize Bitcoin (BTC), Tether (USDT) and Toncoin (TON) to make payments for various goods and services. Notably, the network not only facilitates crypto transfers and chatting among users but also enables customers to deposit their chosen cryptocurrencies into the bots they utilize for accepting payments.
The Ton Foundation added that customers can effortlessly process cryptocurrency payments on the Telegram app using Wallet Pay, which includes convenient features like the option to pay directly via chat. The wallet service assures prompt access and complete support for all rights.
However, certain countries prohibit residents from utilizing cryptocurrencies for purchasing goods and services. Among these are Russia, Indonesia, Vietnam, Iran, Egypt and more. Notably, Russia holds the second position globally in terms of Telegram downloads. The future of this project hangs in the balance due to the unpredictability surrounding the status of Bitcoin in this particular area.
Approximately a year ago, Telegram rolled out the inclusion of crypto services, aiming to streamline the convoluted process of transmitting and acquiring digital currency, essentially transforming it into an experience akin to dispatching instantaneous messages. Nevertheless, the uptake and allure of these services have not witnessed considerable expansion hitherto.
The Wallet service on Telegram is being utilized by a mere fraction of its users, as confirmed by TON. Despite an extensive user base exceeding 700 million, only two million are actively engaged with Wallet Pay.
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