More than 40 companies including the leading Indian cryptocurrency exchange, Bitbns, GoPay, Ripple, Blockchain.com, Brave and Huobi have joined forces to form the Open Payments Coalition and launch universal payments network, PayID.
PayID is a simple, web-based protocol designed to make it as easy to send someone money as it is to send them an email. The new payment process will allow users to send or receive money anywhere in the world across any payment network in real time.
Users can provide an email address or a phone number linked to their bank account to instantly receive money without the requirement of complicated bank account numbers, international codes, routing numbers or SWIFT IDs. More than 40 companies including the leading cryptocurrency and blockchain companies all over the world are involved. Some of them are listed below –
- BTC Markets
- Unstoppable Domains
- Ripple and many more.
Any business that sends and receives money can use PayID to give each of their customers a simple and human-readable ID that works across any payment network and makes payments easier with greater network reach. PayID is an open standard, so anyone can build implementations and extensions on top of PayID.
PayID creates a common protocol that allows for interoperability between payment networks. Ripple’s Ethan Beard said PayID aims to make global payments simple and fast. He quotes:
“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.”– Ethan Beard, Ripple
Liquid Group Inc. CEO Mike Kayamori added:
“Payments will need to be interoperable between fiat and cryptocurrency, and easy to send and receive across the globe.”– Mike Kayamori, Liquid
PayID is already in wide use in Australia, where it was progressively introduced over the last three years. The majority of bank and crypto exchange users in the country can send and receive instant money transfers at any time, 24/7.
Bitbns has also joined the coalition of 40 global companies who are putting efforts for PayID. Gaurav Dahake, CEO of Bitbns added:
“Bitbns has the highest trading volume for XRP in India. International, cross-border payments industry has been ripe for disruption and we see PayID playing a pivotal role in achieving that. We are excited to facilitate borderless, frictionless instant transactions for free for users”– Gaurav Dahake, Bitbns
BTC Markets has also announced its decision to join the Open Payments Coalition. PayID brings companies from across the globe together under the spirit of innovation, pairing traditional finance with the exciting new world of fintech. Caroline Bowler, CEO of Australian-based exchange BTC Markets quotes:
“PayID is a crucial next-step in infrastructure that will bring ease of payments to an international audience.”– Caroline Bowler, Bitbns
PayID is open source and easy to set up with just a few lines of code. You can explore the documentation and GitHub repository. For more information on PayID, visit www.payid.org and the PayID Coalition.