Payment Addresses

The "Payment Address" module is a vital component of Speed, enabling you to securely manage and receive payments. This serves as the cornerstone for processing transactions, ensuring that funds are directed accurately and promptly to the right destination.

The user can create a unique payment address that can be easily remembered and shared for receiving payments. With the Payment address functionality, customers can create an address for themselves.

Payment Address Lifecycle

You can perform all the actions of a payment address from the web application, like create, retrieve, deactivate, and more. Alternatively, you can extend the functionality and create payment addresses via the Speed platform APIs.

This provides an overview of the different stages a payment address goes through.

Payment Address Creation:

To create the payment address, the user will select the payment address module under the “receive payment” section. The user will then fill in the required details to create a payment address. As a developer, you can use the POST: /payment-addresses endpoint to create a payment address.

Payment Processing:

The customer can manually process the payment using the payment address. Whenever a payment address is created, a unique "LNURL Pay" is generated and embedded specifically with that payment address to accept the payment.

Deactivate the Payment Address

By default, a payment address will remain active until deactivated manually. The merchant will be able to deactivate the payment address, and their customers will not be able to make the payment through that particular address. As a developer, you can use the POST: /payment-addresses/{payment address ID}/deactivate endpoint to deactivate a payment address.

Reactivate the Payment Address

A payment address will remain inactive until activated manually. The merchant will be able to reactivate the payment address. As a developer, you can use the POST: /payment-addresses/{payment address ID}/activate endpoint to reactivate a payment address.

Payment Address Status

Payment Addresses can have two statuses, as mentioned below:

• Active: Upon first-time creation, a payment address is created in the active stage until deactivated manually.
• Deactivated: The user can deactivate the payment address if they no longer wish to get paid on it.

Payment Addresses Use Cases

Payment Addresses can be used to facilitate fast and easy transactions between users and their customers. It also provides seamless multi-payments. Here are some common use cases:

• Content Creators: Content creators, such as bloggers, YouTubers, and artists, can accept Lightning Network payments via this payment address as tips or for access to exclusive content. This provides an alternative revenue stream while minimizing transaction fees.
• Gaming and In-app purchases: Mobile and online games can incorporate Lightning payments for in-game purchases, microtransactions, and item sales. This enhances the user experience by reducing payment friction.
• Donations and Crowdfunding: Nonprofits, charities, and crowdfunding campaigns can utilize Lightning addresses to accept donations. Lightning payments offer transparency, speed, and lower processing costs.
• Peer-to-Peer Transactions: Individuals can use lightning payments via payment address to send money to friends and family quickly and affordably. It's an excellent option for settling debts or sharing expenses.