The below graphic shows how PayID identifiers could look, and collate various payment options into one:Making this possible is the launch of PayID, the universal identifier solution of the Open Payments Coalition.Part of the group is Ripple, the San Francisco-based payments protocol, along with other crypto-firms like BitGo, BitPay, and Brave.
Together with over 40 global companies and nonprofits, Ripple joins the Open Payments Coalition to help drive innovation forward and simplify global payments for all. Discover the coalition’s #PayID, an exciting step for global interoperability. https://t.co/LU0WcxDftVA newly-formed group of 40 startups, tech, and crypto firms is joining the Open Payments coalition — with the latter providing unique, simple to read, payment identifiers that open inter-operability between SEPA, bank, and crypto payments.
Part of the appeal is cutting out types of complex bank addresses and identifiers, such as bank numbers and long cryptocurrency addresses.
The coalition is open-for-all. Ripple noted PayID allows for organic growth and no single organization can control the joining process. The latter’s site features a developer kit for those interested in proving the option for their respective users. In a blog on Friday, Ripple said it was joining the launch of PayID, with the latter envisioned as a global payments network that allows any individual/business to pay any other entity seamlessly and without middlemen.— Ripple (@Ripple) June 18, 2020