Wallet Bot on Telegram Launches Crypto Payment Solution

What Are the Supported Jurisdictions for Wallet Pay?

Wallet Pay is immediately available within all jurisdictions supported by the wallet service, except for the United States and those blacklisted by the Financial Action Task Force. This list of unsupported jurisdictions includes countries such as Iran, Myanmar, and North Korea. However, the list of jurisdictions that do not allow their residents to pay for products and services with crypto includes countries like Russia, Indonesia, Vietnam, and Egypt. Wallet Pay puts compliance responsibility on local businesses to ensure they are allowed to do business within their jurisdiction before applying to make use of its payment feature.

What Are the Fees for Crypto Payments on Wallet Pay?

Wallet Pay’s fees for crypto payments range from 1% to 3% during the beta period. Additionally, the Telegram Wallet bot currently takes a 0.0004 BTC commission for withdrawing cryptocurrency from its custodial wallet, while USDT and TON’s withdrawal fees amount to 2 USDT and 0.05 TON, respectively.

Is Wallet Pay Independent from Telegram?

Wallet Pay is an independent payment service that operates on the Telegram Web Apps open protocol, which allows developers to create their own apps and services on Telegram. Wallet’s representative stressed that the company runs its operations independently from Telegram.

What Should Users Be Careful About While Using Wallet Pay?

Users should be careful to ensure they validate the source of the bot before trying Wallet Pay. As some countries of Wallet bot’s operation do not allow residents to pay using cryptocurrency, the wallet service puts compliance responsibility on local businesses. Therefore, businesses should decide if they are allowed to do business within their jurisdiction before applying to make use of Wallet Pay.