Telegram launches in-app currency ‘Stars’ for digital purchases

KEY FACT: Telegram messaging app has launched a new digital payment feature, dubbed "Telegram Stars,” to allow users to purchase digital goods and services in-app. The ‘Stars’ is compatible with both iOS and Android devices.

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Image source: Telegram Blog

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The messaging app Telegram has launched a new digital payment feature, "Telegram Stars,” to allow users to purchase digital goods and services in-app. The ‘Stars’ is compatible with both iOS and Android devices. The Telegram Team communicated the development in a June 6 Telegram post.

To enable payments for digital goods and services across the Telegram ecosystem, we're launching Telegram Stars. Stars can be acquired through in-app purchases via Apple and Google or PremiumBot, then spent on digital products offered by bots – from e-books and online courses to items in Telegram games. Source.

Telegram Stars are compliant with Apple and Google's latest policies on sales of digital products – and give developers in the Telegram ecosystem and their users unprecedented access to in-app purchases on mobile app stores.

Pavel Durov, the CEO of the social messaging platform, Telegram, added that with Telegram Stars, mini apps can now accept payments for digital services using the simplest payment method possible, such as in-app purchases on Android and iOS.

Developers will be able to withdraw the stars earned by their bots in Toncoins via Fragment, a platform mostly used to buy and sell Telegram usernames. Toncoin (TON) is the native cryptocurrency powering Telegram’s “The Open Network”.

Durov further added that advertisements purchased with Stars on Apple and Google, which take a 30% commission on digital product sales, will be subsidized with Stars.

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Telegram Stars. Source: Telegram blog

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Telegram CEO, Durov, believes that this development will economically incentivize developers to build digital products on Telegram:

“If developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps... “Future updates will bring extra features and functionality to Stars – like gifts for content creators and more.”

The Telegram team is optimistic about the growth of Starts, harping that more features and functionality would be added to Stars such as gifts for content creators and more.

Telegram is fast becoming a coninine t platform for building. Telegram-in apps have recorded considerable success in the recent past starting with Notcoin (NOT), which is one of the platform’s most popular apps, with 35 million users within the first five months of its launch.

It is also on record that more than 400 million of Telegram’s 900 million users interact with Telegram bots and mini apps every month. This pitches a big future for the messaging app.

Telegram is aiming to reach over 900 million potential customers inside Telegram through a fast, user-friendly payment system that Stars would provide.

The tech world is advancing so fast and social media spaces are becoming the hot spots for wealth generation. Telegram is charting a new course in this regard.

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