Today we’re super excited to release our latest product: myPaymail Send. With myPaymail Send, you can send BitCoin payments just using an email address and sharing an unlocking code (5 words). And what’s even better, our innovative workflow makes it possible for anyone to receive BitCoin, whether they already have a wallet or not.
Paymail is a game-changing protocol and has proven to be very useful. Today, almost all wallets support it. Because of the way Paymail is designed, it allows existing email providers to adopt it almost effortlessly. For example, if you own a domain, you can create a Paymail handle using myPaymail, and set it so that it matches your email address!
But there is a problem. Most people use free email addresses from providers such as Gmail. While it’s not challenging for providers to adopt the Paymail protocol, this is still likely to take a long time. At this point, we can do two things: complain or do something about it, and at myPaymail we’ve chosen to do something about it!
We’re happy to share with you our first attempt to work around email providers that don’t support BitCoin. But why stop there? Can we use plain email to onboard new users? Indeed! myPaymail Send not only lets you use any email address as a handle, but it also doesn’t require the recipient to have a wallet to get a payment.
We’ve created a service that facilitates sending BitCoin in a non-custodial way, meaning that myPaymail can never spend the funds. To do this, your browser generates a payment unlocking code (5 random words) that you need to share with the recipient. Without this code, neither the sender nor the recipient can claim the funds (so it is extremely important to keep a secure copy until the funds are redeemed).
Eventually, the recipient will need a MoneyButton account to spend the funds. But as long as the recipient has the payment unlocking code and access to the email address used by the sender, there is no need to transfer the funds to their account immediately. They can just verify that the payment is valid, and leave it in their inbox to come back to it at a later date.
Last, the sender can specify an expiration date for the payment: a date and time when the recipient must redeem the payment. But this completely optional.
So far we can see two major use cases for myPaymail send, but we believe that it won’t take long for our users to come up with new ones.
Onboard new users
Without myPaymail Send, you always need to share some BitCoin-related information with the sender before making a payment, either an address or a Paymail handle. This is fine if the user has already been onboarded, but it may pose significant friction otherwise. myPaymail Send lets you just push the payment regardless of whether the recipient has been onboarded or not. If users have money waiting to be claimed, it is more likely that they will then use a BitCoin service.
Using your email address as a handle to receive BitCoin payments
If you really love your email address but you don’t own the domain, you can use myPaymail Send to use it to receive payments.
Head over to https://send.mypaymail.co, and send payments right away. There’s no need to create an account or logging in, just specify the recipient’s email address and swipe your MoneyButton.
We hope we can onboard new users with this new tool over time. As always, let us know if you have any feedback!