More than 40 companies, including Ripple, Brave and Huobi, have joined together to form the Open Payments Coalition and launch the universal payment system PayID.
The new payment process, which will reach more than 100 million consumers, will allow users to send or receive money anywhere in the world through any real-time payment network.
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Users can provide an email address or phone number linked to their bank account to receive money instantly without the need for complicated bank account numbers, international codes, routing numbers or SWIFT IDs.
The blockchain and crypto 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.
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Ethan Beard of Ripple said that PayID’s goal is to make global payments simple and fast. “If sending a payment was as seamless as sending an email or text, we would all be sending more payments quickly and easily around the world,” he said.
Liquid Group Inc. CEO Mike Kayamori said crypto currencies will be a key component: “Payments will have to be interoperable between fiat and crypto currencies, and easy to send and receive around the world.
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PayID is the next step
PayID is already widely used in Australia, where it was introduced progressively over the last three years. Most users of banks and Bitcoin Rush crypto-currency exchanges in the country can send and receive instant money transfers at any time, 24 hours a day, 7 days a week.
Caroline Bowler, CEO of the Australian stock exchange BTC Markets, said the global PayID system was introduced in Australia in 2018 with the new payment platform:
“PayID is a crucial next step in the infrastructure that will facilitate payments to an international audience.”