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A Payment ID is an encrypted, arbitrary and optional transaction attachment that consists of 8 bytes. A Payment ID is usually used to identify transactions to merchants and exchanges: Given the intrinsic privacy features built into Monero, where a single public address is often used for incoming transactions, a Payment ID is useful to tie incoming payments with user accounts.
4
votes
What is the minimum length of Payment ID?
I'm pretty sure the payment id can be shorter, and it is simply padded if it's too short. That said it shouldn't matter too much as it is encrypted so only the sender and receiver knows the contents.
5
votes
Accepted
Which payment ID to receive XMR on an address generated with moneroaddress.org?
A random 256 bit hex string is fine, it is simply random data that can help differentiate it from other transactions that are sent to the same receiver.
This question, should have more info on genera …
7
votes
How can I create (random) payment IDs?
Here are a couple other methods you can use in linux to generate payment ids.
od -N32 -An -tx1 < /dev/random | tr -d '[:space:]
and if you want to use as few linux dependencies as possible, you can …