A new payout coalition, according to Ripple CEO Brad Garlinghouse; It will focus on making it much easier to send and receive fiat and cryptocurrencies. In this way, obstacles in the banking, Bitcoin and crypto markets will be eliminated.
Ripple is meeting with more than 40 financial and technology companies to launch the Open Payments Coalition, a global payment network that allows users to transfer money over any platform using any currency. The growing consortium aims to implement PayID, an easy-to-read identity that aims to connect more than 100 million users through the project. The identity will work on multiple payment networks and will allow users to send or receive any currency, whether digital or fiat, without the need for banking, routing or credit card numbers.
Purpose To Make Transfer Easy
In a new interview with CNBC, Garlinghouse says the goal is to make the capital sending process as easy as emailing: “When you ask a friend,‘ Hey I have to pay you. Are you at Venmo? Are you on PayPal? Or maybe they use AliPay or PayU if they live outside the U.S. Isn’t it funny, when I ask someone for a phone number, are you in ‘AT&T’? Are you at verizon I have to ask. The idea behind PayID is to simplify sending money to someone and making it as easy as sending an email. I’m not asking someone whether it’s on Google or Yahoo. I’m just sending an email. ”
In the continuation of his speech, Garlinghouse talked about PayID and said:
“So PayID, whether you’re a big bank or a successful regional bank like Byline Bank, if you have an account there and want to send you money, this will be as easy as typing ‘Brad Garlinghouse’. Although it is allowed in an online bank or Bitcoin, this naming structure can be simpler and more compatible. ”
The PayID application is designed to be open source and free and easy to integrate. The growing partner list of the Open Payments Coalition; It includes many companies in the crypto space, including Brave, Huobi, BitPay and Blockchain.com.