Monday, 03 August 2020

Blockchain firms launch universal ID for payments

Leading technology, finance and non-profit companies have joined forces to announce the launch of PayID, a universal payment identification solution to simplify the process of sending and receiving money globally – across any payment network and any currency.

GoPay, Ripple,, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders.

It brings together companies across all industries with an open solution for payments, marrying traditional finance, and the new world of FinTech under one standard.

More than 40 global companies and non-profits, reaching more than 100 million consumers worldwide, have joined the Open Payments Coalition to break down the proprietary silos and standards that exist, accelerate the adoption of digital payments, and change the way money is sent around the world.

A statement suggested that although existing solutions have attempted to connect individuals across networks, no standard has yet achieved global reach and adoption.

PayID will allow individuals to send and receive money across any payment network using an easy-to-read address. It is open-source, free, and simple to integrate.

“The international, cross-border payments industry has been ripe for disruption and we see PayID playing a pivotal role in achieving that," commented Gaurav Dahake, chief executive at BitBNS.

Ben Chan, chief technology officer at BitGo, added: “PayID is solving a big UX hurdle that digital assets adoption has been facing - crypto can modernise finance and payments beyond account numbers, and BitGo is supportive of this initiative.”


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