Telegram Introduces "Stars" Digital Payment Feature for In-App Purchases

June 7, 2024 BACK TO NEWS

Telegram, the popular messaging app, has unveiled a new digital payment feature called "Telegram Stars," enabling users to make in-app purchases seamlessly. This feature, compatible with both iOS and Android devices, marks a significant expansion of Telegram's ecosystem.

Overview of Telegram Stars

In an update shared by CEO Pavel Durov on Thursday, Telegram Stars allows users to make payments for digital services within mini apps. These mini apps, gaining increasing popularity within Telegram, provide various functionalities and services to users.

Moreover, developers of these mini apps have the option to exchange their earned Stars for Toncoin (TON), the native token of The Open Network, via the exchange Fragment. This integration further enhances the utility and flexibility of Telegram's ecosystem.

TON Token Surge and Mini App Boom

The announcement coincides with a notable surge in the value of TON, which experienced a 10% increase on Wednesday, propelling it into the top 10 cryptocurrencies by market capitalization. This surge reflects growing investor interest and confidence in both Telegram's ecosystem and the TON token.

The rise of mini apps on Telegram, with millions of users joining daily, underscores the platform's status as a key destination for app launches. One such example is Hamster Kombat, a simulator game gaining significant traction on Telegram, boasting millions of subscribers and ranking as the No.1 channel on the platform.

Commission Structure and Economic Incentives

Notably, Apple and Google will receive a 30% commission on purchases made by users buying Stars from their respective platforms. However, Telegram will subsidize advertisements purchased with Telegram Stars, mitigating the impact of commissions for developers who reinvest Stars to promote their apps.

This commission structure, coupled with the incentives offered by Telegram for app promotion, positions launching apps on Telegram as a more economically viable option compared to traditional mobile app launches.

Continued Crypto Adoption Efforts

Telegram's introduction of Tether (USDT) on the TON blockchain in partnership with the stablecoin issuer in April underscores the company's commitment to driving cryptocurrency adoption. By integrating digital payment features and facilitating crypto transactions, Telegram aims to foster broader adoption of cryptocurrencies within its ecosystem.

As Telegram continues to innovate and expand its offerings, users can expect further enhancements and features designed to enhance the user experience and provide new opportunities for developers and content creators within the platform.