Payy Wallet FAQ
Frequently asked questions about Payy.
Last updated
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Frequently asked questions about Payy.
Last updated
Was this helpful?
Payy is an non-custodial wallet app that lets you store, send, earn and invest on stablecoins and crypto.
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.
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 layer 2 blockchain. This means the payment is fast, free and private.
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.
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).
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.
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.
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.
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.
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).
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.
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.