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Ripple CEO Brad Garlinghouse says a new payments coalition is squarely focused on making it far easier to send and receive both fiat and cryptocurrency.
Ripple is teaming up with more than 40 finance and tech companies to launch the Open Payments Coalition, a global payments network that allows users to transfer money across any platform using any currency.
The growing consortium aims to implement PayID, an easy-to-read ID that aims to connect over 100 million users. The ID works across multiple payment networks and is designed to allow users to send or receive any currency – whether it be digital or fiat – without the need for banking, routing, or credit card numbers.
In a new interview with CNBC, Garlinghouse says the goal is to make the process of sending capital as easy as sending an email.
“We’ve all had the experience when you ask a friend and say, ‘Hey I need to pay you money. Are you on Venmo? Are you on PayPal?’ Or outside the United States, maybe [they’re on] AliPay or PayU. Isn’t it funny, when I ask somebody for a phone number, I don’t say, ‘Are you on AT&T? Are you on Verizon?’ I just get their phone number. The idea behind PayID is to simplify the ability to send someone money and make it as easy as sending an email. I don’t ask someone whether they’re on Google or Yahoo. I just send an email.”
So PayID enables, whether you’re a large bank or I’ll use a very successful regional bank in Chicago called Byline Bank [as an example] – if you’re an account holder there and I want to send you money, it should be as easy as typing ‘Brad$Garlinghouse.’ And whether it’s resolving to a byline bank or to Bitcoin, all this naming infrastructure can be much more simplified and interoperable.
PayID is open-source and designed to be free and simple to integrate.
The growing list of partners in the Open Payments Coalition includes many companies in the crypto space, including Brave, Huobi, BitPay, and Blockchain.com.
Featured Image: Shutterstock/Adrian Grosu