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.
On Payy you send stablecoins via a link — much easier than copy-pasting someone's long wallet address. These payments are also private, unlike payments sent on Bitcoin, Ethereum, Tron or Sola.
How does Payy work?
Payy is a non-custodial stablecoin 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.
Why is my deposit or withdrawal stuck for more than an hour?
Keep your app open on the activity screen while the deposit or withdrawal is in progress. If it does not complete within 10 minutes, reach out to support in the app (Menu > More).
Why did my Apple Pay or Google Pay deposit succeed but funds were not deposited to my Payy balance?
This usually happens because your card or bank does not like crypto and has declined the transaction. It will show up as refunded in your bank soon. Unfortunately, we can't do anything about this since it's not in our control what your card or bank allows. You can try other cards or deposit methods.
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.
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.
In the background, 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.
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?
If you have iCloud or Android backup enabled, your account can be restored on a new phone by restoring your backup.
You should also backup your recovery phrase in a safe location (Menu > More > Advanced).
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.
Is it safe to share my Payy Address?
Yes, this is a public address and you can share it. However, there is generally no need to share it as you can use a Request Link to let other send funds to you.
Your Payy Address cannot be used to look up your balance or payments as that information never leaves your device. Read more about thow Payy Network keeps payments private.
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