PayString, a universal payment identifier, enables Crypto.com’s 5M+ users to send/receive crypto across any network under the same initiative, connecting 100M+ consumers worldwide
Important Note: PayID has been renamed to PayString as of 15 December 2020.
HONG KONG, October 19, 2020 -- Crypto.com today announced PayString, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayString from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple identifier that works across any payment network and currency. Users who register for their unique PayString will get an exclusive Crypto.com-branded, easy-to-read identifier -- such as “yourname$paystring.crypto.com -- that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayString solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayString creates a free, open and common protocol that allows for interoperability between any payment network or currency.
All Crypto.com App users can register their own Crypto.com PayString within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayString, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayString hosted by other members in the Open Payments Coalition.