PAYY Card

PAYY Card Visa Prepaid Review: Fees, Rewards & Availability

Basic Information

PAYY Card is a self-custodial Visa prepaid card that enables users to spend USDC stablecoins in everyday transactions while maintaining privacy through zero-knowledge cryptography. Built by Polybase Labs and launched with general availability announced on August 6, 2025 in New York, USA, the card bridges cryptocurrency holdings with real-world spending needs without exposing transaction details on public blockchains.

Rewards and Benefits

PAYY Card does not offer traditional cashback rewards or staking programs. Instead, the card focuses on privacy protection and fee minimization as its primary value propositions.

PAYY Points System

Users can earn PAYY Points through:

Referral Program (Current):

• 10,000 points per referred friend who successfully applies for and receives a PAYY Card (active as of December 2025)

Season 1 (March 2024 – August 2025):

• Balance Holdings: 1 point per $1 held per day

Season 2:

• Coming soon with new earning mechanisms expected; balance and invite points can continue

Points Redemption: 100,000 points unlock the premium light-up physical card with free shipping.

Unique Benefits

• Privacy Protection: Zero-knowledge proofs shield transaction amounts and balances from public view
• Self-Custody: Complete control over funds without third-party custody risk
• Premium Physical Card: Distinctive LED-illuminated logo that lights up when tapped at terminals
• No-Fee Structure: Zero monthly fees and zero transaction fees for purchases
• No Credit Check: Application requires identity verification only—no credit history is pulled

Fees and Limits

PAYY Card markets itself with "no fees" for apply, top-up, transaction, or monthly charges. However, foreign exchange on non-USD purchases is handled by Visa and your bank, with PAYY referencing Visa's FX calculator and instructing users to set a 1% bank fee for estimates.

Spending and Withdrawal Limits

Important Usage Notes

• Cross-Border Restrictions: Some online merchants in certain countries may reject U.S.-issued cards, which may affect PAYY Card acceptance
• No Credit Check: Applying for PAYY Card requires identity verification only—no credit history is pulled

Card Tiers and Options

Both tiers draw from the same USDC balance in the PAYY Wallet and share identical fee structures. The physical card cannot be used at terminals requiring chip insertion or magstripe reading.

Top-Up Methods

• Pre-load of funds to PAYY Wallet required before spending
• Supports USDC exclusively for card use; other cryptos and select fiat (USD, ARS) auto-converted to USDC on deposit
• Top-up via PAYY Wallet app using crypto deposit, supported fiat transfer, or crypto network bridge

Self-Custody True Self-Custody

• Users control private keys via PAYY Wallet app at all times
• Funds remain in user wallet until spend; conversion occurs in real time
• If PAYY ceases operations, users retain full access to their assets

Supported Currencies and Conversion

Cryptocurrency Support

• Primary Currency: USD Coin (USDC) exclusively for card spending
• Deposit Options: Multiple cryptocurrencies can be deposited from various chains and are automatically bridged and swapped into USDC on Payy Network
• Bridging Technology: Payy Network integrates Across and Mayan, running through a Polygon lock-and-mint bridge for crypto deposits

Fiat Currency Support

• Card Denomination: USD (primary)
• Current Fiat Deposit Availability: Argentina (local bank transfer) and United States (ACH, in beta)
• Planned Additions: EUR (SEPA), INR (UPI), BRL (PIX), KES (M-Pesa)

Conversion Process

• Method: Automatic real-time conversion from USDC to local fiat currency at point of sale
• Exchange Rate: Visa/bank-driven FX rates; PAYY references approximately 1% bank fee for non-USD transactions
• Timing: Instant during transaction processing
• Settlement: Transactions settle on Payy Network, then through Visa network for merchants

Geographic Availability

PAYY Card is available globally in all countries where the Apple App Store and Google Play Store are accessible, making it one of the most widely accessible crypto cards. The service cannot be used in OFAC-sanctioned countries.

Supported Regions

PAYY Card is available wherever Apple App Store or Google Play Store can be accessed, with the following exceptions:

Restricted Regions

PAYY Card cannot be used in OFAC-sanctioned countries including:

North Korea, Iran, Syria, Cuba, Crimea, Donetsk region, Luhansk region, and other territories under U.S. sanctions

Regional Variations

The same app and card service is offered internationally. Fiat on-ramp and off-ramp options vary by region based on local payment rail availability:

• Currently Available: Argentina (local bank transfer), United States (ACH, in beta)
• Planned: EUR (SEPA), INR (UPI), BRL (PIX), KES (M-Pesa)

Compliance and Security

KYC and Identity Verification

• Requirement Level: Full KYC required before card issuance
• Required Documents: Government-issued ID and personal information
• Verification Process: In-app verification through third-party KYC provider
• Processing Time: Typically completed within the onboarding flow
• Credit Check: None required—no credit history is pulled

Custody and Security Features

Custody Model: Non-custodial self-custody architecture

• Users control private keys stored locally on device
• No login, email, or password required—wallet is generated locally
• PAYY (the company) cannot access, freeze, or recover on-chain funds without user backups
• Backup and recovery options available through the app

Security Features:

• Zero-knowledge proofs for transaction privacy
• Local encryption of wallet data on device
• Card freeze/unfreeze capability in-app
• Planned "Guardians" feature for account recovery and fraud prevention

Security Audits: Multiple components audited with reports available on PAYY's GitHub repository

Regulatory Framework

• Compliance Standard: U.S. financial regulations, Bank Secrecy Act, USA PATRIOT Act
• Network Rules: Visa network compliance requirements
• Compliance Tools: Protocol-level features including transaction lineage, privacy pools, and compliance ZK-proofs
• Sanctions Screening: OFAC sanctions list enforcement

Banking & Financial Services

PAYY is not a licensed bank and does not offer traditional checking or savings accounts. The service focuses on crypto-to-fiat payment functionality rather than comprehensive banking features.

Payment Rails

Currently Supported:

• ACH bank transfers (United States, in beta)
• Local bank transfers (Argentina)

Planned Additions:

• SEPA (EUR - Europe)
• UPI (INR - India)
• PIX (BRL - Brazil)
• M-Pesa (KES - Kenya)

Deposit Methods

Fiat Deposits: Currently available in Argentina and the United States (beta)

Crypto Deposits: Supported from multiple blockchain networks and tokens, which are automatically bridged and swapped into USDC on Payy Network using:

• Across protocol
• Mayan protocol
• Polygon lock-and-mint bridge

Account Features

• Interest on Balances: Not offered
• IBAN Provision: Not available
• Business Accounts: No multi-user or business-specific features
• Deposit/Withdrawal Processing: Times vary by payment method and region
• Integration: Fiat deposits automatically convert to USDC; withdrawals to bank accounts supported through partners

Regulatory Structure and Licensing

Corporate Structure

• Operating Entity: Polybase Labs
• Incorporation: U.S.-based company (likely Delaware incorporation)
• Offices: New York
• Founded: 2022

Licensing and Registration

• License Type: Likely registered as Money Service Business (MSB) with FinCEN
• Card Issuer: Unspecified U.S.-based bank providing BIN and Visa membership
• Partner Institutions: Licensed exchanges and payment processors for fiat operations
• Governing Jurisdiction: United States federal and state laws

Fund Protection

• Crypto Assets: Self-custodied on-chain by users
• Fiat During Conversion: Held by partner institutions in segregated accounts
• FDIC Insurance: Not applicable (not a bank deposit account)

Technical Details

Payy Network Architecture

PAYY operates on a custom blockchain designed specifically for privacy-preserving payments:

• Blockchain Type: Custom Payy Network with zero-knowledge proof integration
• Privacy Mechanism: Transaction amounts and balances shielded from public view
• Validation: Zero-knowledge proofs verify transaction validity without revealing details
• Settlement: On-chain settlement on Payy Network, off-chain settlement through Visa rails
• Bridging Infrastructure: Integrates Across and Mayan protocols, running through a Polygon lock-and-mint bridge

Privacy Technology

Zero-Knowledge Proofs:

• Verify sufficient balance without revealing amount
• Authorize spending without exposing user identity
• Maintain transaction validity while preserving privacy
• Enable compliance verification without compromising user data

Key Differentiator: Unlike public blockchain transactions visible to anyone, Payy Network shields transaction details while maintaining cryptographic proof of validity.

Wallet Technology

• Key Generation: Cryptographic keys generated and stored locally on user device
• Authentication: No login, email, or password required—wallet is generated locally
• Backup Options: Recovery phrase system with planned "Guardians" social recovery
• Encryption: Local encryption of wallet data
• Access Control: Only user has access to private keys; company cannot access or recover funds without user backups

User Experience

Mobile Application

Platform Availability:

• iOS (Apple App Store)
• Android (Google Play Store)

Core Features:

• Self-custodial wallet management
• Virtual card number viewing and management
• Card freeze/unfreeze controls
• Send money via shareable links through messaging apps
• PAYY Points tracking dashboard
• Deposit and withdrawal management
• Transaction history

Language Support: English, likely Spanish (given Argentine user base)

Customer Support

• In-App Chat: Available through the mobile application
• Email Support: [email protected]
• Response Times: Not specified in source material
• ATM Beta Access: Contact support to request access to contactless ATM withdrawal feature (private beta)

User Feedback

Positive Reviews:

• Privacy features appreciated by security-conscious users
• Ease of use and quick onboarding process
• No-fee structure compared to traditional banks
• Self-custody control over funds

Common Concerns:

• Skepticism about long-term savings claims
• Physical card contactless-only limitation at older terminals
• Lack of traditional cashback rewards
• Relatively new service building trust

Merchant Restrictions

Standard Visa merchant category restrictions apply. No additional PAYY-specific category limitations mentioned beyond typical Visa prohibited merchant types.

Cross-Border Note: Some online merchants in certain countries may reject U.S.-issued cards, which may affect PAYY Card acceptance in those regions.

Common Usage Issues

• Bank Rejections: Some banks/cards reject deposits to PAYY, classifying as crypto purchase
• Workaround: Try alternative funding methods or different bank accounts
• Best Practices: Use USD transactions to minimize Visa/bank FX fees; leverage Apple/Google Pay for in-store convenience

Best Suited For

• Stablecoin Holders who maintain USDC balances and want direct spending capability without converting to traditional bank accounts
• Privacy-Conscious Users who prefer transaction details shielded from public blockchain visibility while maintaining regulatory compliance
• International Users in High-Inflation Economies who can access stable USD-denominated spending with minimal fees
• Crypto Self-Custody Advocates who prioritize control over their assets and want to avoid custodial risk from centralized platforms
• Early Adopters and Fintech Enthusiasts who enjoy experimenting with innovative payment technology and zero-knowledge cryptography applications

Pros and Cons

Pros

• Zero monthly fees and zero transaction fees for purchases
• Privacy-preserving architecture shields transaction details from public view
• Self-custodial model gives users complete control over funds
• Global availability wherever Apple/Google app stores are accessible
• Unique light-up physical card design for qualifying users
• No credit check required for application

Cons

• No cashback or traditional rewards program
• Physical card limited to contactless payments only (no chip/magstripe)
• Restricted to USDC stablecoin for card spending
• Self-custody requires managing recovery phrases (potential complexity for some users)
• Relatively new service still establishing market reputation
• Fiat funding currently limited to Argentina and U.S. (beta)

Conclusion

PAYY Card stands out in the crypto card market by prioritizing privacy and self-custody over traditional rewards programs. The card's zero-knowledge proof technology addresses a significant gap in crypto payments—the public visibility of blockchain transactions—while maintaining regulatory compliance through innovative cryptographic methods.

Compared to typical crypto cards, PAYY Card's fee structure is exceptionally competitive with no monthly fees, no transaction fees, and only Visa/bank-driven foreign exchange fees on non-USD purchases. This makes it particularly cost-effective for users who primarily transact in USD or hold significant stablecoin balances. The self-custodial architecture eliminates counterparty risk associated with custodial platforms, though it requires users to manage their own security without company-assisted recovery.

The card's primary differentiators are its privacy-preserving technology and non-custodial design—features that appeal to crypto-native users who value sovereignty and privacy. However, users seeking cashback rewards, extensive banking features, or traditional customer support may find PAYY Card's minimalist approach limiting. The contactless-only physical card, while innovative in design, may prove inconvenient at older payment terminals.

PAYY Card is best suited for stablecoin holders, privacy advocates, and users in regions with limited banking access or high inflation who want to maintain control over their assets while accessing global payment networks.

Additional Information

Upcoming Features

Announced Developments:

• "Guardians" social recovery feature for account recovery and fraud prevention
• Expanded ATM withdrawal capability (currently in private beta—contact support for access)
• Expanded fiat on/off-ramp options (SEPA, UPI, PIX, M-Pesa)
• Additional local payment rail integrations for more countries
• Payy Network open for developers (roadmap milestone: March 2026)

Comparative Market Positioning

PAYY Card differentiates from competitors through:

Privacy Focus: Most crypto cards expose all transactions on public blockchains; PAYY shields this information using zero-knowledge cryptography

Self-Custody Architecture: Many crypto cards require depositing funds to custodial platforms; PAYY maintains user control of private keys with no company-assisted recovery

Fee Philosophy: Emphasizes minimal fees rather than cashback rewards or staking incentives

Innovative Hardware: Light-up physical card represents unique approach to card design and user experience

Technical Innovation: Custom blockchain built specifically for privacy-preserving payments rather than adapting existing public chains

These positioning choices make PAYY Card particularly attractive to users who prioritize privacy, self-sovereignty, and low fees over rewards optimization or comprehensive banking features.