Currently, there is no top-level domain (TLD) named “.PAY”. A top-level domain represents the most general part of any domain name on the internet, and it’s the last segment of the domain name, which follows the last dot symbol. Examples include .COM, .ORG, .NET, and others.
The management of most top-level domains is handled by the Internet Assigned Numbers Authority (IANA) which operates under the Internet Corporation for Assigned Names and Numbers (ICANN). As per the latest records on the IANA’s Root Zone Database (a public collection of TLDs), there is no current TLD with the .PAY extension (source: IANA’s official website: https://data.iana.org/TLD/tlds-alpha-by-domain.txt).
The introduction of new generic top-level domains is regulated under a program by ICANN. This new programme was launched in 2012 in order to increase competition and choice by introducing new gTLDs into the Internet’s addressing system (source: ICANN’s official website: https://icann.org).
New generic TLDs applications are evaluated on a series of factors before they are approved. The evaluation process includes a technical evaluation, where an applicant’s technical abilities to operate a TLD are tested, and a financial evaluation, where an applicant’s financial capabilities are evaluated. These are carried out as part of key safeguards to uphold the security, stability and resiliency of the DNS (Domain Name System).
For example, .BANK is a secured gTLD, available only for eligible institutions within the global banking community. This new TLD is launched by fTLD Registry Services, LLC to provide banks with an easily identifiable channel to communicate with their customers (source: https://www.ftld.com/).
However, although the .PAY extension could theoretically be proposed in future application processes to ICANN, as of now, it doesn’t exist. Any corporation interested in introducing a secondary market for the .PAY TLD would need to propose a viability plan, observe the mission of the .PAY TLD, undergo a rigorous technical evaluation, legal compliance, and finally, compete for allocation against any other potential applications.
A world with a .PAY domain could potentially offer a more direct and secure platform for online transactions. Until then, standard TLDs as well as specialized ones like .BANK or .INSURE will continue to be used for money-related internet operations.
However, it is important to highlight that a new gTLD doesn’t necessarily equate to automatic online success. A business’ digital strategy should consider a balance between a variety of factors, including SEO, branding, website structure, and user experience to name a few.
