Telegram is a free, multi-platform messenger that houses apps and bots for various functions including games and entertainment, and financial management. With 800 million monthly active users on Telegram, Altery, the UK fintech startup, has integrated its payments bot into the messaging platform, improving the payments experience for the growing user base.
The new Altery embedded finance service, the Altery Payment Bot, will provide Telegram users with a seamless payment option they can use on daily digital interactions. When looking to select a partner, Altery chose Telegram due to its framework for creating versatile bots and applications with lesser technological limitations.
In 2023, Telegram generated $45million, primarily through its Premium service. Additionally, the cumulative lifetime volume of trades facilitated on these bots has exceeded $190million, with a record high of $10million in daily trading volume.
The Altery Payment Bot provides users with the ability to transfer money without needing detail bank information. Instead, they can simply select a contact from their Telegram list. If the recipient isn’t an Altery user, they can quickly open an account directly within Telegram to receive the funds. Beyond basic functions like opening accounts, transferring money, and ordering cards, the bot also transforms payments into quick and easy messaging.
The support bot feature allows users to create or respond to support requests directly within the messenger. This ensures no significant messages are missed. Telegram’s security is on par with iOS and Android apps, featuring strong customer authentication with two-factor security measures. This includes biometric confirmation for payments.
When messaging meets payments
Vasily Uvarov, CPO at Altery commented on the partnership saying: “Telegram stands as the premier, most user-friendly, and cutting-edge platform for development. Our pioneering efforts make us the first in the UK to introduce such innovation, significantly outpacing other platforms like Facebook and Viber.
“This milestone is a testament to Altery’s commitment to continuously expanding its global reach and enhancing our offerings with new, forward-thinking features.
“As we look to the future, we remain dedicated to pushing the boundaries of what’s possible, ensuring our users experience a seamless and advanced communication tool. Furthermore, our collaboration with Telegram is a significant step in that direction, reflecting our vision of global connectivity and technological excellence.”
Users need to provide standard information such as phone and email, passport details, and possibly other data as required. The process is as seamless and automated as in mobile apps, backed by biometric authentication. Currently supporting three major currencies—USD, EUR, and GBP—with plans to add more in the near future.