Financial services giant JPMorgan Chase intends to establish a digital retail bank in Germany.
Telegram, the popular cloud-based messaging service, is transforming the way businesses operate and communities interact, particularly in the realm of cryptocurrencies. With over 1 billion monthly users and nearly 450 million daily active users, Telegram offers a vast audience for businesses and a thriving environment for cryptocurrency enthusiasts.
One of the key features driving this transformation is Telegram's mini apps. These apps allow businesses to build experiences within Telegram without the need for downloads or app-switching. This streamlined approach is particularly attractive in sectors where speed, access, and cost-efficiency matter more than deep app functionality, such as fintech.
In the crypto space, mini apps have already enabled users to manage wallets, trade tokens, stake assets, and track portfolios seamlessly. Crypto mini apps, in fact, rank as the top-performing category on Telegram, with 87 million monthly active users. The largest crypto ecosystem on Telegram is Blum, boasting over 25 million subscribers.
However, the use of Telegram in the finance sector isn't without controversy. Some fintech companies and financial service providers in Germany have been criticised for using Telegram groups to promote unlicensed or fraudulent crypto trading apps and services. Legitimate fintechs using Telegram for brand promotion are not clearly identified in the provided search results.
Studies show that nearly 70% of people are more likely to act on recommendations from influencers, friends, or family than on messages from brands themselves. Telegram's professional, tech-savvy audience, with 21% employed in IT and Internet-related fields, 12% in marketing and public relations, and 4% in finance, presents a significant opportunity for influencer marketing in high-value categories like finance, emerging tech, and wellness.
Telegram Ads allow sponsored messages to appear in public and private channels and bots, and brands can target specific audiences with precision. Another key benefit of mini apps is a massive reach of over 500 million monthly users already interacting with mini apps, along with frictionless onboarding with instant access and no app store approval.
Interestingly, 13% of Telegram users are in managerial positions with purchasing power or play a role in business decisions. Additionally, nearly one-third of Telegram users have experience with cryptocurrencies. Mini apps are particularly taking off in emerging regions like Eastern Europe, India, and Latin America.
In contrast, WhatsApp Business, a dedicated app for small and medium-sized enterprises (SMEs) to communicate with customers, has recently overhauled its pricing model to a per-message system with volume-based discounts and free utility messages within a 24-hour window.
Non-fungible token (NFT) mini apps rank fourth with 13 million monthly active users. Finance mini apps follow closely behind with 3 million unique monthly active users. The use of Telegram's mini apps by businesses and communities continues to expand, making it an exciting space to watch in the coming years.
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