Payment ID in Electroneum Explained

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When to Use a Payment ID In Electroneum Transactions

When sending Electroneum to someone else or to an exchange, should you use a Payment ID?

This article discusses payment IDs, what they’re used for, and how you should use them.

What is a Payment ID?

In Electroneum, a payment ID is a code unique to each transaction that allows the receiver to discern who sent the funds without actually revealing the identity or wallet address of that user.

Think of it as a reference code in a conventional bank transfer. When you perform a bank transfer to a business or other public entity, you usually need to provide a reference code (typically your name or customer number) for them to identify you as the sender.

The payment ID is used for the same purpose in Electroneum.

It allows multiple users to transfer funds into the same wallet, while still allowing the receiver to tell which transaction belongs to which user.

When to Use a Payment ID

Here’s a simple table of scenarios.

Scenario Should I Use a Payment ID?
Transferring to an exchange Yes. Use the payment ID supplied by the exchange.
Transferring from an exchange If you’re transferring the funds from the exchange to another exchange, use a payment ID. If not, there’s no need to use one.
Transferring to your online wallet No need.
Transferring to your paper wallet No need.
Transferring to another user’s online wallet No need.
Transferring to another user’s paper wallet No need.

:warning: A general rule of thumb to follow is:

When transferring ETN to any exchange (even from another exchange), always use a payment ID. In all other cases, it probably isn’t required (unless the receiver explicitly asks for it).

Where to Find the Payment ID

When transferring to an exchange, the exchange will most likely provide you with a payment ID on the deposit page, in addition to the public wallet address to which you need to send the funds.

You will need to enter both codes when performing the transfer.

Some exchanges, like Cryptopia, show a QR code that contains both the public wallet address and the payment ID. Therefore, scanning the QR code in your app wallet will populate both the public wallet address and the payment ID.

Note: Don’t transfer your ETN to the code given above. Use the QR code given in YOUR own Cryptopia account.

What Payment ID to Use When Withdrawing ETN

Some exchanges like Cryptopia or Qryptos will still ask you to enter a payment ID when withdrawing ETN.

However, this is optional and is not required for the transaction to go through. If you’re not sending the ETN to another exchange, you won’t need to provide one. Simply leave the payment ID field blank.

What to Do When You Didn’t Provide a Payment ID

If you transferred Electroneum to an exchange and didn’t provide a payment ID where you should have, don’t despair.

If given enough information, most exchanges will be able to trace your funds. Just like a business or public entity can go through their records and confirm that they’ve received funds from your bank account, exchanges can also trace your deposit and credit your account.

However, this process could take a considerable amount of time (often several weeks given the backlog of support tickets on some exchanges). The correct procedure would be to open a support ticket and wait for the support team to investigate. Send them the following information:

  • The date and time of the transfer
  • The amount that was transferred
  • The public wallet address it was sent from
  • The transaction has (TxHash) as found in your online wallet
  • The transaction private key (Tx Private Key) as found in your online wallet

Do NOT send them your Private View key or Private Spend key.

Using this information, they’ll most likely be able to trace your funds.

Conclusion

The payment ID has an important to play in the Electroneum system. Its use will become more visible in future. In a few month’s time, it will probably be used by online shops and other businesses to determine who the sender of a particular transaction was.

Until then, you’ll only need to use it when sending ETN to an exchange.

17 Likes

@cuddlesquid Wow amazing guide like for newbies and zour guide is much appreciated, Thanks for THIS and your effort. :slight_smile:

3 Likes

To be candid, this is exactly what’s called forum,this is well explained…great team… Etn to the moon

2 Likes

Goodjob on making this guide @cuddlesquid i’ve always been wondering what the payment ID was for since i only withdraw ETN from exchange i never really had to use it :blush::+1:

3 Likes

Today I learn something new :blush:

4 Likes

Thank you guys! But 100% of all Thanks goes to https://electroneum101.com/ :blue_heart:

2 Likes

Love, Love, Love it! This is so awesome! :slight_smile:

4 Likes

Great knowledge to have! I have been doing crypto in general just over a year now and always wondered what the ID was all about, but everything I sent always went through with no issue. This guide is great! Cheers!

1 Like

Ah so thats what its for, thanks for the guide.

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The Sistemcoin exchange requires the ID Electroneum to send to another account. I have a wallet online and also requires ID. There is no ID card. How do I transfer electroneum from this exchange to my online portfolio.

Sending Electroneum from exchange to mobile online wallet or cold storage wallet like Electroneum CLI or paper wallet should not require payment id.

In most cases, sending Electroneum from exchange to exchange requires payment id.

1 Like

If I do not give ID, Electroneum payment order is canceled

You will need to contact exchange on behalf of this issue. An exchange should not require mandatory payment id if sending Electroneum to mobile or paper wallet.’

Unfortunately I have no way of telling you how to obtain mobile wallet payment id or paper wallet payment id.

This means that payment ID is not unique to a particular wallet address. Multiple users can transfer funds to the same wallet but different payment ID so that the receiver can recognise who sent the funds without actually revealing the identity or wallet address of that user.

So, let us suppose 5 people transfer funds to the same wallet but with 5 different payment ID. Here, there may be 5 different payment ID for 5 people but the funds will be transferred to the same public wallet address. This means that payment ID has no use for transfer of funds. It is only used to recognise the sender.

If you don’t give payment ID the funds are transferred to the public address and if you provide payment ID then also funds are transferred to the public address. That means Public wallet address has nothing to do with payment ID.

Now, I have generated a paper wallet and I don’t have a payment ID. I have scanned the public address. In the next step i.e. payment ID what if I put:-
“my first paper wallet” or
“wallet_72” or
“Avengers” or
“ETN-1” in payment ID or if only hexadecimal values are accepted then I can provide any hex value or I can also provide a payment ID of Electroneum wallet of Kucoin or Hitbtc Exchange for paper wallet.
No matter what payment ID I provide funds will go to the same public address of my paper wallet.
Am I right @cuddlesquid ?
Well, I don’t know how Blockchain transaction works so this might be a stupid question for you?

Correct, but not all exchanges are the same. Meaning some exchanges will give you a unique address and unique payment id.

Paper wallet does not have a payment id. I believe Kucoin does have a unique address and unique payment id but its advised to use both when sending Electroneum to any exchange.

In most cases you don’t need to specify payment id when you are sending from exchange. Its important to supply payment id when you are sending to exchange.

1 Like

Ok. Thanks.
I found one more thing, whenever we receive Mobile mining payment, there are two things in the transaction

  1. Transaction Hash (TxHash) and
  2. Payment ID
    the Payment ID is common in all Received Mobile miner payment. So, this might be the payment ID for Mobile wallet, as in this case we are the receiver.

You are right, payment id does appear in that section, however that payment id belongs just to a particular transaction and its just generated by system. It seems a little abnormal to go that type of route to obtain payment id.

I truly believe its up to exchange to address this issue, sending ETN from exchange to mobile wallet or paper wallet should not require mandatory payment id.

1 Like

Yes, I also thought it is not right to use that payment ID so didn’t try it. I was just trying see what payment ID is (in the weekend)? I am done now.
As you have mentioned earlier, its use will be visible in the future then it will be more clearer. Till then only required for exchange.:+1:

1 Like

Payment id ne nasıl öğrenecem

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