Yeah essentially but without a DNS dependent domain name. Your LN node (ie Phoenix) needs to be running & reachable to receive the request & generate an invoice.

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assuming there has to be a route between payer and payee where every hop supports bolt12?

Tried this between two separate phoenix wallets ... Sent more sats than I should have been able to (according to inbound liquidity available)... Maybe someone else wants to try, maybe I misunderstand, but if so, that seems like a killer feature!