FinTech: The Newly-Launched PayId Global Alliance Will Disrupt Cosy Payments ‘Silos’
More than 40 global companies and nonprofits reaching more than 100 million consumers worldwide have joined the Open Payments Coalition.
Industry leaders across finance, technology, and the non-profit sectors have come together to launch PayId, a simplified payment ID process for global remittances. The Open Payments Coalition, an alliance of leading companies such as GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps, and others, will develop PayId. (PYMNTS.com)
The mission of the coalition
The coalition seeks to break down the proprietary silos and standards that exist in payments, accelerate the adoption of digital payments, and change the way money is sent around the world today, according to a statement.
“The international, cross-border payments industry has been ripe for disruption,” said Gaurav Dahake, CEO, BitBNS. “We see PayID playing a pivotal role in achieving that. We are excited to facilitate borderless, frictionless instant transactions for free for users.”
How PayId works
PayId relies upon a universal payment ID to send and receive money internationally across any payment network and currency.
The key to the system is an easy-to-read address. It makes sending money as simple as sending an email to a friend or relative.
It does not matter who their email provider is, and so it will be with the new PayId system. No cumbersome details such as a bank account, routing, or credit card number would be needed.
Implementation of PayId would be extremely simple and even banks, payments processors, digital wallets, or remittance services can use it.
“PayID is one of the biggest leaps forward for cryptocurrency adoption that we’ve ever seen,” said Curis Wang, Co-Founder and CEO, Bitrue. “The ability for users to share their addresses through a pronounceable and memorable format will help demystify the payment process for millions and pave the way for the use of cryptocurrencies by businesses in a wide variety of industries.”
Australia a pioneer
According to CoinTelegraph, PayId is already in use in Australia for the last three years. Most banks and crypto exchange users in the country can send and receive instant money transfers at any time, 24/7.
“In 2018, Australia was introduced to the New Payments Platform which allowed funds to be transferred domestically in an instant,” said Caroline Bowler, CEO, BTC Markets. “PayID is a crucial next-step in infrastructure that will bring ease of payments to an international audience.”
Related Story: The Celo Foundation Plans Cryptocurrency for Billions of Smartphone Users
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