Ripple supports and joins more than 40 companies and non-profit organizations around the world as a member of the newly formed Open Payments Coalition launching the PayID platform, the universal payment identifier. RippleNet will be the means to use PayID as a free and open standard that enables interoperability between payment networks.
The Ripple release reports that today, we can instantly send a photo, message or video to thousands of people. Through a phone, a laptop, even through Alexa. However, simple and fast payments are not yet possible.
In this ever-active world, where everyone carries a computer in their pocket, why is it easier to send a photo of a $5 bill than to actually send $5?
Banco Rendimento works in the RippleNet cloud
Ripple: The big problem…
Unlike email and SMS, where there is only one network for everyone. The payment infrastructure consists of hundreds of isolated networks that do not talk to each other.
So imagine how limited the SMS would be if messages could not be sent between different mobile phone providers. We would all send far fewer text messages and be less connected with our friends and family. Something we totally do not expect in the digital age.
So if sending a payment was as seamless as sending an email or text, we would all send more payments quickly and easily around the world.
In the near future, a single, global payment network will allow anyone to easily pay for any business activity instantly. Everyone, everywhere, will be able to harness the power of this network, dozens of times a day, sending payments both large and small.
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PayID: The solution…
Payments will no longer be made through fragmented networks that use proprietary rules to complicate account numbers. Instead, they will use a united network involving all payment platforms, a network created for today’s consumers and businesses.
PayID allows for organic growth where no single company can control or set the terms of membership. This solution is built around people, replacing complex account numbers with simple names.