More than 40 companies, including Ripple, Brave and Huobi, have joined forces to form the Open Payments Coalition and introduced the universal PayID payment system.
The new payment processthat will reach more than 100 million consumers allows users to send or receive money anywhere in the world via any payment network in real time.
Users can provide an email address or a phone number associated with their bank account to receive money instantly No complicated bank account numbers, international codes, routing numbers or SWIFT IDs required.
Blockchain and cryptocurrency companies involved include BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BTC markets, CipherTrace, Coinone, Crypto.com, Huobi, Independent Reserve, Liquid, Ripple and many more.
Ripples Ethan Beard said the goal of PayID is supposed to make global payments easy and fast. “If sending a payment were as seamless as sending an email or text, we would all be able to send more payments quickly and easily worldwide,” he said.
Mike Kayamori, CEO of Liquid Group Inc., said that cryptocurrencies will be a key component: “Payments must be interoperable between fiat and cryptocurrencies and be easy to send and receive worldwide.”.
PayID is the next step
PayID is already widely used in Australia, where it has been gradually introduced over the past three years. Most users of cryptocurrency banks and exchanges in the country can send and receive instant money transfers anytime, 24 hours a day, 7 days a week.
Caroline Bowler, CEO of BTC Markets, Australia, said this The global PayID system was introduced in Australia in 2018 with the new payment platform::
“PayID is a critical next step in infrastructure that will make payments to an international audience easier.”