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Ripple’s PayID Product – A Game Changer
Ripple Labs, the global blockchain and cryptocurrency giant and owner of the ripple token, has added another product to its fleet – Ripple Labs is joining the Open Payments Coalition and integrating PayID into RippleNet.
By joining the Open Payments Coalition Ripple will join a network of over 40 entities in the Open Payments Coalition.
Ripple will also introduce PayID which allows for people to send money to each other, making peer-to-peer payments easier.
PayID works by allowing users to have an ID that is an email address, phone number, or a unique identifier that is linked to their bank or financial service provider’s account.
The technology will allow users to send Ripple’s XRP token to anyone in the world, who would then choose which fiat currency to receive the payment in their location.
PayID has been operating in Australia for several years and makes remembering numbers like bank account details unnecessary and obsolete.
