🎁 Exclusive offer: Get EXTRA Bits and Celebrate Bybit's 6th Birthday With $2.2M Prize Pool. Act now!
Crypto Terms:  Letter P
Jul 07, 2023 |
updated: Apr 02, 2024

What is Payee?

Payee Meaning:
Payee - is a party that receives money in a transaction involving goods or services.
easy
2 minutes

Let's find out Payee meaning, definition in crypto, what is Payee, and all other detailed facts.

In a transaction involving products or services, a payee is a party that receives money. A payer pays the payee with cash, cheque, or another sort of transfer medium. The payer receives specific items or services in exchange. The bill of exchange includes the payee's name, which normally refers to a real person or an organization such as a corporation, trust, or guardian.

There will always be a party that involves the products or services and a party that gets the products or services in any type of transaction. To get products or services, a buyer must supply value, or an exchange value, which is usually money to the payee. It might be a cryptocurrency as well.

Currently, in a banking situation, the payee must have an active account that is in good standing and through which the funds can be transferred by the partaker himself. Though this is the case when the transaction is paid not in cash.

Then there's the promissory note, in which one party guarantees to pay another party a fixed quantity. In this case, the person receiving the money is referred to as the payee. The buyer is also aware of who carries out the payment.

Note that payees can be more than one party, which is common in electronic transfers when an individual withdraws money from a payer's account and ends up splitting it into a variety of distinct payee designations.