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A coalition of 40 blockchain-based companies including Ripple, Brave and Huobi joined forces to develop and expand PayID, an email-style money transfer system that will redefine the future of borderless and secure money transfer.
The primary focus of cryptocurrencies and blockchain networks is to change the bottleneck surrounding the global transfer of money. With the emergence of Bitcoin (BTC) and subsequent altcoins including XRP, a threat was discovered by regulating authorities citing the anonymity of the digital currencies and the likelihood of its exploitation by mischief-makers. These threats inspired harsh regulations on the coins but these regulations are gradually weaning off giving room for blockchain-backed money transfer initiatives to thrive. More than 40 companies including Ripple, Brave, and Huobi have joined forces to form the Open Payments Coalition and launch universal payments system PayID. This new payment system has little or no backing by traditional financial institutions making it crypto dominated venture for now.
PayID and Its Potentials
PayID is designed to model an email-style address like Paypal Holding Inc (NASDAQ: PYPL) to send money globally. With the high fees attached to sending money via bank transfers, a high possibility of failure if the most important details required like account number, routing number, and a Swift code are wrongly imputed. The idea behind PayID is to eliminate this bottleneck by offering an alternative wherein an email style address for example, “ben$wallet.com” is deployed to replace a long set of numbers.
The PayID model have in addition to Ripple, Brave, Huobi and other notable blockchain projects the support of blockchain.com whose COO Xen Baynham-Herd said:
“We’re supportive of initiatives like PayID that have the potential to bridge the worlds of crypto and traditional finance, opening up the opportunity for greater adoption and use.”
Over the past three years, PayID has been gradually introduced into Australia where it is conveniently been used by banks, and individuals to send and receive money. With the success of the project in Australia, there is a great assurance that it will easily integrate all over the world.
Cash transfers have evolved in the past few decades with the emergence of payment systems like PayPal and Payoneer that offer similar email style money transactions like PayID. While the latter is generally not as safe, the former is so secure that it has regulatory issues limiting its users to selected countries. PayID when it’s fully integrated will provide a borderless money transfer platform without compromising security and ease of use. This promise redefines the future of money transfers and payment which gives the promise of a better life for everyone.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.