Telegram Introduced Its New Payment System, Altcoin Price Rises

TON, the altcoin connected to the messaging application Telegram, gained value after the new announcement.

Messaging application Telegram introduced its new payment system that can be used for digital goods and services.

Can be used on mobile

Telegram's new payment system called Telegram Stars can be used by iOS and Android users to shop via Telegram.

Application developers will be able to exchange the “stars” they collect for The Open Network's cryptocurrency TON, via the Fragment exchange.

According to the statement, Telegram Stars will work in compliance with the digital shopping policies of Apple and Google.

It makes economic sense

“Apple and Google take a 30% cut whenever users buy Stars from them, but Telegram will provide financial aid for ads purchased with Telegram Stars,” said Telegram CEO Pavel Durov.

“So if developers invest with Stars to promote their apps, the total commission will come to almost 0%,” Durov said. As a result, making applications available via Telegram makes more economic sense than traditional mobile applications,” he said.

Notcoin (NOT), one of Telegram's most popular gaming applications, entered the market in January and reached almost 35 million users in a few months.

According to TradingView data, the TON price started to decline after gaining nearly 20% in value on a weekly basis.

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