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PayID is the first global solution to address the biggest pain point in payments, uniting the many, closed payment networks that exist today. Today, leading technology, finance and nonprofit companies join forces to announce the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally — across any payment network and any currency.

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PayID brings together companies across all industries with an open solution for payments, marrying traditional finance, and the new world of fintech under one standard. More than 40 global companies and nonprofits reaching more than million consumers worldwide have joined the Open Payments Coalition to break down the proprietary silos and standards that exist in payments, accelerate the adoption of digital payments, and change the way money is sent around the world today.

Though existing solutions have attempted to connect decathlon ljubljana btc across networks, no standard has yet achieved global reach and adoption.

With support from companies across industries, PayID is the first global solution to address the biggest pain point in payments, uniting the many, closed payment networks that exist today. Most have experienced the frustration and inconvenience of sending money between different bank accounts or payment apps — with PayID, sending money is as simple as sending an email directly to friends and family, no matter which provider is used.

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Whether a bank, payment provider or processor, digital wallet, or remittance provider, PayID is designed for any business that sends or receives money. Implementing PayID is simple, and makes it possible btc markets wallet companies to access more networks, consumers, and currencies to expand their businesses globally.

This is the first step in creating a truly open payments network.

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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?

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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.

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Everyone, everywhere will tap into the power of this network, dozens of times a day, sending payments both large and small. PayID allows for organic growth where no single company can control or set the terms for joining.

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This solution is built around people, replacing complex account numbers with simple names that are easy to understand, remember and even type.

PayID works across any payment network or currency—be it fiat or digital.

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An open payment network that unites everyone around the globe is a valuable resource for every participant, and an open network built on open standards enables innovation and growth—similar to the adoption of the internet the mobile phone.

PayID is one important step in the journey to this open global payment experience.

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By enabling a world where money moves as easily as information, PayID drives digital payments forward, simplifying global payments for all and brings the world one step closer to realizing the IoV Internet of Value.