Ripple, Brave and Huobi Join PayID Global Instant Payment Network


More than 40 companies including Ripple, Brave and Huobi have joined forces to form the Open Payments Coalition and launch the universal payment system PayID.

Reaching over 100 million consumers, the new payment process will allow users to send or receive money anywhere in the world across payment networks in real time.

Users can provide an email address or phone number linked to their bank account to instantly receive money without the need for complicated bank account numbers, international codes, routing numbers or SWIFT IDs.

The cryptocurrencies and blockchain 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.

Ripple’s Ethan Beard said that PayID aims to make global payments easy and fast. “If sending a payment was as seamless as sending an email or text. We will all be sending more payments quickly and easily around the world,” he said.

Liquid Group Inc CEO Mike Kayamori said cryptocurrencies will be a key component: “Payments must be interoperable between fiat and cryptocurrency. And easy to send and receive worldwide.

PayID is the next step

PayID is already in widespread use in Australia, where it has been progressively introduced over the last three years. The majority of bank and crypto exchange users in the country can send and receive instant money transfers anytime, 24/7.

Caroline Bowler, CEO of Exchange BTC Markets CEO Australia. Saying that the global PayID system follows Australia’s 2018 introduction of the New Payments Platform (NPP):

“PayID is an important next step in infrastructure that will bring ease of payment to an international audience.”

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