Ripple joins the PayID universal payment network
Enabling quick and easy payments like sending an email is the goal of PayID that Ripple has just joined.
An alliance which already has more than 40 companies like Blockchain.com, Brave, Huobi or Crypto.com in particular.
PayID is a free and open standard that allows interoperability between payment networks.
If we can think that it looks like what Paypal already does, PayID will be in the form of an identifier that will look like a domain name, PayID users will be able to receive fiduciary transactions (Euro, dollar) and crypto.
Ripple XRP has made an official announcement on its site and explains what the new Open Payments coalition is all about, which launches PayID, the universal payment identifier.
“PayID enables organic growth where no company can control or set the membership requirements. This solution is built around people, replacing complex account numbers with simple names that are easy to understand, remember and even type. PayID works on any payment network or currency, whether fiat or digital.” Ripple says on his site.
Ripple has also integrated PayID into its RippleNet technology for cross-border payments.
“Ripple’s global payment network, RippleNet, integrates PayID to improve interoperability in cross-border payments. The Coalition’s mission and work align with Ripple’s founding vision: to allow the world to move value as it moves information today, a concept we call the Internet of Value (IoV).”
A universal payment solution which certainly aims to compete with Libra that Facebook is to launch in 2020.