Specifically, with a scope able to cover over 100 million consumers, the new payment process will reportedly enable money sending and receiving features from any point across the globe, via any payment network, in a real-time manner.
Users can reportedly establish bank account connection with email address or a phone number for immediate money receiving, without the involvement of bank account numbers, international codes, routing numbers or SWIFT IDs.
Crypto and blockchain firms associating with the project reportedly included BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BTC Markets, CipherTrace, Coinone, Crypto.com, Huobi, Independent Reserve, Liquid, Ripple and others.
Ethan Beard from Ripple reportedly claimed that PayID has a target to achieve speed and simplicity for executing global payments.
“If sending a payment were as seamless as sending an email or text, we would all send more payments quickly and easily around the world,”
“Payments will need to be interoperable between fiat and cryptocurrency, and easy to send and receive across the globe.” Mike Kayamori – head of Liquid Group Inc – reportedly remarked regarding the key role crypto would play.
PayID has reportedly been rolled out across Australia on a wide scale, where it has been progressively introduced over the past 3 years.