Over 40 companies, including Ripple, Brave and Huobi, have teamed up to form an Open Payments Alliance and launch the global PayID payment system.
When the new payment process reaches more than 100 million consumers, users can send or receive money anywhere in the world through any payment network in real time.
Users can enter the email address or phone number associated with their bank account to receive money instantly without the need for complicated bank account numbers, international codes, routing numbers or SWIFT IDs.
Cryptocurrency, blockchain companies include BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BTC Markets, CipherTrace, Coinone, Crypto.com, Huobi, Independent Reserve, Liquid, Ripple and many more.
Ribbles Ethan Bird said PayID aims to make global payments simple and fast. He said: “If sending the payment is as simple as sending an email or text message, we will all send multiple payments quickly and easily around the world.”
The CEO of Liquid Group Inc. Mike Kayamori The cryptocurrency will be a major component: “Payments must be compatible between banknotes and cryptocurrencies, and are easy to send and receive worldwide.”
PayID – The next step
PayID is already in widespread use in Australia, as it has been gradually introduced over the past three years. Most users of banks and cryptocurrencies in the country can send and receive instant money transfers at any time around the clock, seven days a week.
Caroline Bowler, CEO of Australian BTC Markets, said PayID’s global system follows Australia’s introduction of a new payment platform in 2018:
“PayID is the next important step in infrastructure that will provide easy payment to the international audience.”