Payy Wallet FAQ
Frequently asked questions about Payy.
What is Payy?
Payy is an non-custodial wallet app that lets you store, send, earn and invest on stablecoins and crypto.
How is Payy different than other crypto wallets?
Payy makes it easier to use crypto by abstracting things like blockchains, addresses, keys and protocols. In other wallets you have to worry about what chain you are on, what contract you're interacting with and what you're signing.
On Payy:
You send stablecoins via a link — much easier that copy-pasting someone's long wallet address.
You earn yield on your balance by lending on protocols like Aave — but you can do it in 1 tap without worry about bridging, swapping or gas fees.
You can dive deeper into DeFi by staking or restaking, providing liquidity on decentralized exchanges or lending your funds — and you can do all of this with one tap.
How does Payy work?
Payy is a non-custodial wallet. This means the private key that lets you control your crypto is stored on your device, accessible by only you.
When you send stablecoins to someone on Payy, it uses the Payy Network layer 2 blockchain. This means the payment is fast, free and private.
How do I deposit money into Payy?
You can deposit money into Payy using multiple methods including crypto exchanges (like Coinbase, Robinhood and Binance) and soon from bank accounts and local payment methods (like ACH, SEPA, UPI, PIX and M-PESA).
Depositing via an exchange or cryptocurrency wallet happens through a smart contract bridge on the Polygon network. In the app you receive a unique deposit address, which you send USDC to. This address forwards it to our bridge which locks the USDC and mints wrapped USDC on Payy Network.
Is Payy safe to use?
Yes, the important parts of Payy’s code have been audited.
Payy’s partners who convert fiat currency into stablecoins are licensed in their countries to provide financial services. Depending on the payment methods they have different KYC requirements and limits.
The DeFi protocols accessible in Payy are hand-selected and vetted by our team. However, you should always do your own research as crypto investment is an inherently risky activity.
How do Payy send links work?
When you send stablecoins to someone, the Payy app generates a link.
Treat this link like cash. Anyone with the link can redeem the payment to their wallet. Do not post payment links in groups or publicly. You can cancel links that have not been claimed yet, but if they have been claimed, you can't get it back.
Under the hood, Payy links contain a full wallet with a balance corresponding to the payment. When you create a send link, the app transfers money to the new wallet and embeds the private key of the wallet in the link.
You can also request money on Payy using a request link.
When someone clicks that link, it will open their Payy app (or tell them to download it) and show a screen to send a payment to you.
What is Payy Rewards?
Payy Rewards are points you can earn for being a part of the Payy community. You can earn rewards for depositing money into Payy and inviting others to use Payy.
Check the Rewards section of the app to see how you can participate.
Points don't have any monetary value.
What countries does Payy work in?
Payy is available in all countries where the App and Play Store are available. Payy may not be used in countries sanctioned by the Office of Foreign Assets Control (OFAC).
Why is there no login, email or passwords in Payy?
To respect your privacy, we do not have any login/username/email/password requirements in Payy.
You pay others by sending links using your existing messaging apps like WhatsApp, iMessage and Signal.
Your wallet is automatically generated the first time you use Payy and it is stored locally on your device. This is why we strongly recommend backing up your wallet in Settings.
We cannot recover your wallet and funds if you do not backup your wallet.
What happens if I lose my phone?
We strongly recommend backing up your wallet to iCloud or Google Drive (in the app settings) so that you can restore your wallet on your new device with no loss of funds. If iOS or Android auto backup is enabled, we'll use that.
If you do not back up your wallet and you lose your phone, your money will be lost.
I sent a payment by mistake, can I cancel it?
Yes, you can cancel a pending payment link in the Activity tab in the app by tapping on the payment. If the link has been redeemed, there is no way to cancel or revert the transaction.
How can I get in touch with the Payy team?
Join our Telegram group to ask questions or give feedback.
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