PayID is a protocol for human-readable addresses for all payments. PayID makes it possible for services to make it possible for their users with a single easy-to-use address which will work for all the wallet’s payment networks. It fully abstracts complex protocol details. It works like the e-mail for payments.
Ripple supports PayID. Ripple Insights have covered the details of the PayID in the past. Just like it is possible to instantly send a photo message or video to billions of people and businesses from across the world using a phone or laptop or other data, it is important to be able to send money.
Ripple Insights in the past published, “In this always-on world, where everyone carries a computer in their pocket, why is it easier to send a picture of a 5 dollar bill than it is to actually send 5 dollars?”
The payment infrastructure is made up of several individual networks, which are isolated from each other. This means they do not communicate well to each other. However, the SMS and other communications networks are seamlessly connected. If we will be able to send payments like we were able to send text messages, we will send more payments far easily across the world.
Sydney Ifergan, the crypto expert tweeted: “Ripple (XRP) has done good by participating in the vision of making money move as easily as information.”
Ripple (XRP) on Single Global Payment Network
Ripple envisioned on how a single, global payment network will be able to enable anyone to easily pay any person or business instantly.
Everyone from everywhere will be able to tap into the power of this single network, for several dozens of times in a day by sending large and small payments. The advantage of having a single network is that payments not anymore have to go through fragmented networks that make use of proprietary standards to complicated account numbers. However, the payment will pass through a united network where all the payment companies will be participants. A model like this is apt for quick universal transaction of money.
To make this vision a reality, Ripple has joined more than 40 global companies and several other nonprofits as a member of the newly formed Open Payments Coalition known as the PayID, providing for the universal payment identifier. Of note, PayID is a free and open standard, which permits for interoperability between the payment network.
This open payment network brings everyone from across the world together thus creating a valuable resource for every participant in the Coalition. Being an open network that is built on open standards it provides for innovation and growth. The adoption of this feature is expected to be a lot similar to the adoption of the internet and the mobile phone. PayID is a very important step to the world of open global payment experience.