ELI5 How iPayYou.io works

ELI5 How iPayYou.io works

iPayYou.io is an Amazon.com gift-card-for-cryptocurrency trading service.

Currently they buy your gift cards at a fixed rate and pay you back in crypto. Currently accepted coins include Bitcoin, Bitcoin Cash and BitcoinSV.

Here’s a sample promo from their current live website home page:

How iPayYou.io Works

The service allows you to trade your Amazon.com e-Gift and Physical Gift cards for cryptocurrencies. Electronic gift cards are sent by email while traditional ones are sent in by mail. Processing takes around 8 hours for e-Gift cards and same-day processing (no fixed amount of hours set) for physical cards received.

For e-Gift cards they discount a 17% fee and for physical cards the discount is 13%.

(The rates vary according to your account history. The above rates are taken from the public sample provide by iPayYou so it shouldn’t be taken as official rates.)

Users can trade between U$ 1000 and 2000 worth of cards. The higher limit is for physical gift cards.

Bitcoin to Amazon.com – Is it secure?

iPayYou also offers another interesting service: they allow you to fund your Amazon account using Bitcoin and other cryptos.

But there’s a catch. They require your Amazon.com username and password. This is unusual, so we recommend our readers extreme caution in using this feature. Requesting customer credentials for a 3rd party website is extremely unconventional, to put it mildly.

 

On this video, Youtube reviewer Dave Taylor says he uses the service:

Conclusion

Despite the relatively clumsy implementation and some quirks (like requesting your Amazon.com credentials), there are no serious reports of iPayYou being a scam that we found at the time this article was published.

We haven’t tested the Amazon.com transaction but it seems to be working for some.

I’ve heard that Amazon.com has begun limiting some accounts based on the gift card trading pattern. Since iPayYou limits gift cards to U$ 1000 to 2000 a day, that’s a volume that would immediately trigger an internal review at Amazon. This review could cause your account to be closed.

So, unless you’ve got some gift cards and wish to trade a certain volume, I wouldn’t recommend you do this systematically at high volumes.

But for occasional transactions it may be a nice gateway between crypto and Amazon.com.

As always perform due diligence and do your own research before sending or receiving crypto online.

This article is not an endorsement nor critical of the above service, but aims to be merely descriptive.

References

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