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Ripple supports PayID payment platform


Ripple supports and joins more than 40 companies and non-profit organizations around the world as a member of the newly formed Open Payments Coalition that launches the platform PayID, the universal payment identifier. RippleNet It will be the means of using PayID as a free and open standard that allows interoperability between payment networks.

The Ripple statement reports that today, we can instantly send a photo, message, or video to thousands of people. Through a phone, a laptop, even through Alexa. However, simple and quick payments are not yet possible.

In this always active world, where everyone has a computer in their pocket. Why is sending a photo of a $ 5 bill easier than actually sending $ 5?

Ripple: The big problem …

Unlike email and SMS, where there is a single network for everyone. The payment infrastructure consists of hundreds of isolated networks that do not speak to each other.

Therefore, imagine how limited SMS would be if messages could not be sent between different mobile phone providers. We would all send far fewer text messages and be less connected to our friends and family. Something we totally don’t expect in the digital age.

This way, if sending a payment were as seamless as sending an email or text, we would all send more payments quickly and easily worldwide.

In the near future, a single, global payment network will allow anyone to easily pay for any business instantly. Everyone, everywhere, will harness the power of this network, dozens of times a day, sending both large and small payments.

PayID: The solution …

Payments will no longer be made through fragmented networks that use proprietary rules to complicate account numbers. If not they will use a united network in which all the payment platforms will participate, a network created for today’s consumers and companies.

PayID allows organic growth in which no company can control or establish the conditions for membership alone. This solution is built around people, replacing complex account numbers with simple names.

With this method it is easier to understand, remember and even write when making any transaction. PayID also works through any payment network or currency, whether fixed or digital.

Ripple claims that an open payment network that unites all the world’s inhabitants is a valuable resource for all participants. An open network based on open standards enables innovation and growth, similar to the adoption of the Internet on the mobile phone.

Payment identification is an important step on the road to this open global payment experience.

Says the Ripple statement

Why PayID and not another payment network?

Ripple’s global payments network, RippleNet, supports PayID to achieve greater interoperability in cross-border payments. The Coalition’s mission and work align with Ripple’s founding vision. Allowing the world to move value as information moves today, a concept we refer to as the Internet of Value (IoV).

RippleNet and the liquidity service enables financial institutions to send global payments instantly, reliably and profitably by taking advantage of blockchain technology and the XRP digital asset. In this way, Ripple’s innovative solutions, combined with the power of the Open Payments Coalition’s efforts, are transforming global payments for everyone, everywhere.

By allowing a world in which money moves as easily as information. Ripple affirms its support, as, PayID drives digital payments, simplifying global payments for everyone and bringing the world one step closer to realizing IoV.

In this way, Ripple communicates that it is proud to be part of this coalition of industry leaders. They help establish this much-needed open standard for interoperability so that IoV can become a reality.

You who think: Has the evolution in payment platforms arrived? Let us know what you think in the comment box.

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