Telegram icon

Telegram now lets users convert personal accounts to business accounts

Telegram icon

Image Credits: Thomas Trutschel / Photothek / Getty Images

Telegram founder Pavel Durov announced Wednesday that users on the chat app with personal accounts can now convert them into business accounts by paying a monthly fee. This gives users the ability to list information such as location and opening hours, which might be helpful for small cafes and shop owners.

Some of the other features for business accounts involve organizing chats with color labels, using automatic greetings or away messages, and shortcuts for quick replies. On his channel, Durov said that Telegram plans to launch more business features this month, including a way to integrate AI-powered chatbots for customer service.

“Telegram Business accounts will be able to seamlessly add chatbots as their invisible secretaries to respond to all or certain chats. With AI, these chatbots can bring customer service automation to an entirely new level,” he said.

Telegram is trying to compete with WhatsApp Business, which crossed the mark of 200 million monthly active users last year, with these new features. However, a major differentiation is that Telegram is charging a subscription fee to use business features, while WhatsApp relies on the type of conversations and frequency of chats to generate revenue.

Meta-owned WhatsApp introduced many business-facing features last year, including personalized customer messages and flows to complete e-commerce transactions without leaving the app.

Over the last two years, Telegram has focused on increasing its business through premium subscriptions, self-custodial crypto wallet and auction of premium usernames. The chat app, which has more than 800 million users across the globe, is also planning to launch its ad platform this month with a revenue-sharing program for channels.

Block merchant conversion app on 4 smartphone screens

Block lets Square merchants convert a part of their daily sales to bitcoin

Block merchant conversion app on 4 smartphone screens

Image Credits: Block

Block, the company behind Square, Cash App and other services, announced a new program today allowing merchants using Square’s solutions to convert a percentage of their daily sales to bitcoin.

The feature, rolling out in the U.S. starting today, will transfer 1-10% of Square sellers’ daily sales to their personal Cash App account. This amount will convert into bitcoin at the end of the day. Merchants will receive a confirmation of the conversion when the transaction is complete.

Block said that the bitcoin conversion feature will be available to all sole proprietors or single-member LLCs in the coming months. The company takes a 1% cut from every conversion made by the seller. Merchants can send bitcoin to other wallets or sell them at any time from their Cash App account.

“Block believes that bitcoin is an instrument of economic empowerment and provides a way for people around the world, including business owners, to participate in a global monetary system,” the company said in a statement.

“According to direct feedback from Square sellers, many are interested in bitcoin and believe it presents a wide range of use cases, such as long-term savings and diversifying their businesses’ holdings.”

When we asked Block about sellers’ conversion patterns and average returns, the company said it had just tested the bitcoin conversion feature with a small set of merchants and had no definitive data.

Block has tried to make it easy for users to buy bitcoin across its platforms. For instance, the company integrated its self-custodial wallet Bitkey with Cash App and Coinbase to allow holders to trade bitcoin easily.