Yesterday saw the launch of PayID, a new human readable way to send all kinds of payments. The ID looks like an email address with a dollar symbol instead of the “at” symbol. The solution was launched by the Open Payments Coalition of more than forty organizations, mainly from the cryptocurrency world. The ringleader and developer is Ripple.
It seems like an elegant solution to replace a complicated bank account or cryptocurrency wallet addresses. The aim is to break down all the different payment silos so that you have one common address that can be used to receive payments, whether its for recurring subscriptions or invoice payments. In theory, the money could come from a bank account, Paypal or cryptocurrencies.
The coalition boasts some high profile players in the cryptocurrency world, including Blockchain.com, BitPay, Brave and Mercy Corps. No other major cryptocurrency foundation is a member, but with the wallets on board, does it need them?
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