$PayByName™ is a unique CoinPayments feature which is designed to enormously simplify the process of sending and receiving payments via numerous different crypto coins inside the CoinPayments ecosystem and a selection of apps through our partner Netki.
The feature offers one chief benefit in that allows the user to send or receive payments without having to copy and paste wallet addresses. Now, if you’re a total newbie to the crypto currency ecosystem, here is what a typical Bitcoin (BTC) wallet address looks like:
This is what a typical Ethereum (ETH) address looks like:
The above basically applies for most other crypto currencies of any kind and as you can see, it can be quite complex. To newcomers in the world of crypto in particular, it can be a bit challenging. All those characters make the prospect of human error seem all too easy when you’re sending a large amount of money to someone. In reality of course, the apparent randomness of the character streams is remarkably precise and changing even one character is much more likely to result in a declined transaction than accidentally losing your money to some random address you do not recognize. In short, using wallet addresses are not simple, especially in the beginning.
This is where CoinPayments new $PayByName feature comes in. It deals with lengthy, messy wallet addresses in the simplest way possible; by getting rid of them for certain transactions. If you’re working inside the platform’s ecosystem and want to send or receive money between yourself and anyone else inside CoinPayments, you can do so by using a pre-assigned name you and your sender or receiver have each chosen for yourselves instead.
The process is simple. After logging into your CoinPayments account, you first need to get a $PayByName tag. You can do this under the $PayByName tab near the top of the home page inside the platform. There are options for buying one tag for $1.99, 5 for $6.99 or 10 for $14.99.
Simply open up your wallet in the tab along the top of the home page, select the crypto currency of choice and on the right, click on the green button and select “Send/Withdraw”, which will take you to a page in which you can create a withdrawal, see the transaction fees for it and send the money to a wallet address OR, a $PayByName address you already know.
All $PayByName name tags are prefixed by the $ symbol, so for example, Coinpayments own tag is $CoinPayments. It’s just that easy to use $PayByName!