My Name Tag on Etherscan allows users to tag any addresses and these addresses will appears as your tagged name instead of the full address hash on Etherscan.
This would allow users to trace transaction and payment in human readable format.
Etherscan user can add private Name Tag to any address:
Take note that some addresses may have a public label curated by Etherscan, adding My Name Tag will overide the public label of an address.
When users click on the update button on the right under My Name Tag, a pop up will appear.
Here, you can define a name for the address and also add a private note for the address.
Both the name tag and private note are visible to you when you are logged in using your Etherscan account under Address Private Tag on your Etherscan user dashboard.