As many as 40+ companies in the financial space, including Ripple, GoPay, BitPay, Brave, Coins.ph, etc. have joined forces culminating to the launch of the PayID—an Open Payments Coalition as set by the industry’s leaders.
Backed by companies both for profits and non-profits alike, the PayID has now accumulated more than 100 million consumers across the globe.
PayID is a new payment system that seeks to simplify financial transactions in anywhere across the world via any network. While not necessarily ground-breaking, its implementation, however, makes for the first to offer a global solution by stemming on having multiple closed payment networks as support to its operation.
As aimed at especially making sending of payments as easy as possible, the PayID system of payment is no harder than sending an email, owing to its easy-to-read address. It makes for an ideal payment system in businesses that are either recipient or sender of money, or even both.
With a schematic that puts enterprises in mind, the PayID payment system is simple and straightforward in integration. It thereby making its adoption easy by companies that are seeking to expand their business through a simple payment scheme that attract broader audiences.