This article was first published on Insights – Ripple
Payments Should Be Easier
Today, we can instantly send a photo, message or video to billions of people and businesses around the world from a phone, laptop—even through Alexa. Yet, simple and fast payments are still not possible. In this always-on world, where everyone carries a computer in their pocket, why is it easier to send a picture of a 5 dollar bill than it is to actually send 5 dollars?
Unlike email and SMS, where there is a single network for the entire world, the payments infrastructure consists of hundreds of isolated networks that don’t speak to each other. Imagine how limited SMS would be if messages couldn’t be sent between the different mobile providers. We would all send a lot fewer text messages and be less connected to our friends and family.
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.
Tomorrow’s Payment Network Will Be Open
In the near future, a single, global payment network will enable anyone to easily pay any person or business instantly. Everyone, everywhere will tap into the power of this network, dozens of times a day, sending payments both large and small. Payments will no longer run over fragmented networks using proprietary standards to complicated account numbers; but rather, they will use a united network in which all payment companies participate—one built for today’s consumers and businesses.
To achieve this vision, today, Ripple joins over 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition launching PayID, the universal payment identifier. PayID is a free and open standard that allows for interoperability between payment networks.
PayID allows for organic growth where no single company can control or set the ...
To keep reading, please go to the original article at:
Insights – Ripple