Ripple has decided to join the Open Payment Coalition worldwide alongside other crypto-related companies such as Brave or Huobi. The main goal behind this decision is to launch a payment network called PayID that would allow users to instantly send and receive payments.
Companies Join Forces to Develop Instant Payment Solutions
The idea behind this platform is to reach a large number of users (more than 100 million) and allow them to handle transactions in real-time without having to be worried about the time it would take for the payment to be processed.
Some other firms working in this initiative include BitGo, BitPay, Bitso, CipherTrace, Crypto.com, Liquid and Ripple. They are convinced that the way in which payments should be processed must improve considering that legacy systems are already old and not efficient at all.
Ethan Beard, SVP at Ripple, informed that the PayID solution and the Open Payment Coalition aimed at making global payments simple and fast. Furthermore, he considers that if the solution is finally released, it will be possible for people to send more payments around the world.
On the matter, he stated:
“If sending a payment were as seamless as sending an email or text, we would all send more payments quickly and easily around the world.”
PayID has been expanding in some countries, including Australia. Banks and digital currency platforms such as BTC Markets can already send and receive payments almost instantly any day of the year.
Ripple has been working over the last few years in order to offer the world a new way of handling payments. These solutions are very important because payments with traditional platforms are certainly slow and not efficient to be processed. Ripple always considered that it was faster to send money from Washington to London using a plane rather than traditional payment systems.
Furthermore, with the XRP virtual currency, it is possible to make almost instant transfers and for very low fees. Furthermore, the XRP digital asset allows firms and companies to source liquidity in their local fiat currencies. There are some fiat pairs that are very illiquid and that require the funds to move through several banks before they are able to reach the receiver.
This is why with the XRP virtual currency, illiquid fiat pairs become connected. Transactions can take a few seconds and the funds arrive almost instantly to the other party involved in the transaction.