Four flows. You approve every one of them.
Money gets into ShyPay, moves between people, settles at a register, and goes back out to a bank. Here is each of those paths, who is involved, and exactly what each party learns along the way.
Where the money actually goes.
Dollars become USDC at a regulated provider, sit in a wallet only you can sign for, move to whoever you are paying, and become dollars again at the same regulated edge. ShyPay is the application in the middle: it never holds your fiat, your USDC, or your keys.
Cash in: from your bank into your own wallet.
ShyPay does not take your money and hold it. Funding is being built to run through a regulated provider that does the identity check, quotes the rate, moves the funds, and delivers USDC directly to the wallet on your phone. ShyPay is being built to use Dynamic for wallet key management and Ramp Network for buying and selling USDC; these integrations are in development and are subject to those providers’ approval and terms.
What ShyPay sees
That a funding session was opened and that a balance changed on-chain. ShyPay does not receive your identity documents, your bank credentials, or your card number.
What the regulated provider sees
Everything a regulated on-ramp must see: your identity, your funding instrument, the amount, and the destination wallet address. It applies the rules of your region.
What your bank sees
One line item: money leaving for a payments provider. It does not receive a breakdown of anything you later spend it on.
Send and request: person to person, in seconds.
Send to another ShyPay user or to any Solana wallet address. Each payment has a tiny Solana network fee, a fraction of a cent, paid from your own wallet. When you add money, a small amount of SOL for network fees is included in the same purchase, so you see one balance and do not need to manage it. A request is an invitation, never a pull: it cannot take anything from the other person's balance, and it does nothing until they open it and approve it themselves.
What the other person learns
The ShyPay display name you chose, the amount, and any note you wrote. Not your phone number unless you gave it to them, not your bank, not your other activity.
What anyone reading the ledger learns
That one address paid another address a given amount of USDC at a given time. Solana is a public ledger and this is permanent. It carries no name, and ShyPay does not publish the link between an address and a person.
Pay in store: scan, verify, approve.
At a register, the merchant's system produces a signed payment request. Your phone checks that request against the open payment request protocol before it renders a single number on screen. If any check fails, the request is refused. There is no way to proceed anyway.
What the merchant gets
A confirmed payment, the amount, and the paying wallet address, with a unique reference so they can match it to the sale. ShyPay does not hand them your name, your phone number, or your funding source. The transfer is recorded on Solana's public ledger like any other.
What ShyPay never collects
The basket. ShyPay does not receive line items, receipts, merchant category codes, or loyalty identifiers, because nothing in the flow sends them to us.
Cash out: back to a bank account, through the regulated edge.
Cash-out runs the same path as cash-in, in reverse. The regulated provider quotes the rate, performs the checks it is required to perform, and pays out to the bank account you verified with it. ShyPay does not hold the funds at any point in between.
ShyPay never infers success
If the provider has not confirmed a payout, ShyPay says it has not confirmed a payout. The app does not guess, does not show an optimistic balance, and does not tell you money arrived because it probably did.
The five terms worth knowing.
You do not need any of this to use a wallet. It is here because a product that asks for your trust should be willing to explain its own vocabulary.
- USDC
- A dollar-denominated stablecoin issued by Circle. One USDC is intended to be redeemable for one US dollar. It is not a bank deposit and carries no deposit insurance.
- Solana
- The public blockchain the transfers settle on. Public means anyone can read the whole ledger, forever. Fast and cheap settlement is the reason it is used here.
- Self-custody
- Your wallet is yours: ShyPay never holds your keys or your funds. Signing uses a split key, one part on your device and one held by the wallet provider in secure hardware, and neither part can sign alone. No transfer happens without you.
- On-ramp and off-ramp
- The regulated services that convert money between a bank account and a stablecoin. ShyPay is being built to use Ramp Network for both ends, subject to that provider’s approval and terms.
- Network fee
- Each payment has a tiny Solana network fee, a fraction of a cent, paid from your own wallet. When you add money, a small amount of SOL for network fees is included in the same purchase, so you see one balance and do not need to manage it. Neither ShyPay nor ProxyPay pays this fee or co-signs your payment.
- Payment request
- A signed instruction from a merchant saying who should be paid, how much, in what asset, and until when. Your wallet checks it before showing it to you.
ShyPay is in development. Get in line for the first build.
There is no public app yet. Join the early access list and we will write to you once there is something real to try, and nothing in between.