We are pleased to announce that we have joined the Open Payments Coalition with leading companies across technology, finance, and nonprofit sectors to launch PayID.
What is PayID?
Memorizing crypto wallet addresses is the most significant pain point for our users, which is inconvenient, but poses considerable security risks. For example, users signing to their wallets every time they want to make a transaction or dealing with their credentials.
PayID simplifies this. The tool allows users to send and receive money across any payment network, in any currency, by using a single ID that’s easy to remember, similar to an email address. This means users can send money to friends and family quickly, without using a large routing number.
PayID can be enabled by any business that sends or receives money — whether a bank, payment provider or processor, digital wallet, or remittance provider. Implementing PayID makes it possible for companies to access more networks, consumers, and currencies to expand their businesses globally. PayID was built for all; it’s open, free, and simple to integrate. Today, PayID reaches 100 million consumers worldwide.
To find out more about this announcement, please click here.