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Cryptocurrency firm Ripple, along with 40 other companies that include Huobi and Brave, formed the Open Payments Coalition. The recently formed coalition launched the universal payments system PayID, which aims to make money transfers across platforms as easy as sending an email.
When sending an email, one doesn’t have to worry about the email service of either the sender or receiver as a Yahoo user can send a mail to a Gmail account or to any email and vice versa. Unfortunately, sending cash is not as easy because the money needs to be sent through the correct payment network so the funds can be received promptly.
That where the PayID comes in. According to Fortune, the system gives customers the equivalent of an email address, a distinct ID that will be accepted by any service provider.
The new universal payments system was announced by Ripple on Tuesday. The company also said that, with the more than 40 firms joining the coalition, PayID has the potential to reach over 100 million customers, who can register and sign up for it on PayID.org.
PayID promises that users can send or receive money anywhere in the world, according to Cointelegraph. Even more important is that they can make transfers across any payment network and the receiver can get the funds in real-time.
The system will also greatly simplify money transfers. There will be routing numbers, SWIFT IDs, or international codes to memorize. They can just provide the email address or phone number linked to their bank account.
“If sending a payment were as seamless as sending an email or text, we would all send more payments quickly and easily around the world,” Ripple’s Ethan Beard explained how simple and fast the PayID system will be.
The system will also be able to handle transfers in both fiat and cryptocurrencies. “Payments will need to be interoperable between fiat and cryptocurrency, and easy to send and receive across the globe,” Liquid Group Inc. CEO Mike Kayamori said.
It’s no surprise then that there are several crypto and blockchain firms included in the coalition. Aside from Ripple, the group includes BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BTC Markets, CipherTrace, Coinone, Crypto.com, Huobi, Independent Reserve, and Liquid.
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