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Home Tech Telegram Introduces Cryptocurrency Payment Option

Telegram Introduces Cryptocurrency Payment Option

by Vanessa Waithera
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Telegram now accepts crypto payments after earlier giving up on its own coin.

It allows its 550 million active users to send and receive cryptocurrency. According to Protocol, this feature may make crypto payments on chat services more widespread.

Telegram Open Network’s Decline and Ascension (TON)

Telegram formally abandoned its $1.7 billion crypto project, The Telegram Open Network, on May 12, 2020. (TON).

The initiative was created as part of the company’s 2018 ICO in an attempt to commercialize the messaging platform. Telegram, on the other hand, was forced to abandon its forthcoming blockchain network due to a lengthy and protracted disagreement with the US Securities and Exchange Commission.

“Telegram’s active involvement with TON is over, ” wrote Pavel Durov, co-founder of Telegram, in a blog post. Later, community organizations such as Free TON, NewTON, and the TON Chinese Community brought the project back to life using Telegram’s open-source code.

The TON Foundation now manages the toncoin token, which enables fee-free cryptocurrency payments on the Telegram client. It provides the ability to transmit cryptocurrency to other users as well as acquire bitcoin from within the app.

This was announced by the TON Foundation on their official Twitter account.

Other ways to pay on Telegram.

Telegram allows retailers to develop bots that allow their consumers to easily checkout on Telegram. Merchant bots can deliver invoice messages in a certain format to users, groups, or channels.

Invoice messages include a product photo and description, as well as a visible Pay button. By tapping this button, you will be taken to a dedicated payment window within the Telegram client. Users can select a tip amount (if permitted by the seller) and input extra information such as shipping information, phone number, or email address on this screen.

Telegram does not accept money from users, instead relying on a global network of payment providers. It takes payments from over 200 countries through vendors such as Stripe, EcommPay, PayMega, and Sberbank. Payment providers receive and retain all sensitive information, such as credit card details, and Telegram has no access to it.

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