Payments should be easier
Today we can instantly send a photo, message, or video from a phone or laptop to billions of people and businesses around the world – even through Alexa. However, easy and quick payments are still not possible. In this ever-active world where everyone has a computer in their pocket, why is it easier to send a picture of a $ 5 bill than actually sending $ 5?
Unlike email and SMS, which have a single network for the whole world, the payments infrastructure consists of hundreds of isolated networks that don’t talk to each other. Imagine how limited SMS would be if messages couldn’t be sent between the different cellular carriers. We’d all text a lot less and be less connected with our friends and family.
If sending a payment were as seamless as sending an email or text, we’d all be sending more payments worldwide quickly and easily.
Tomorrow’s payment network will be open
In the near future, a single global payments network will allow anyone to pay any person or business instantly. Everyone, everywhere, will be harnessing the power of this network dozen of times a day, sending both large and small payments. Payments are no longer made over fragmented networks with proprietary standards for complicated account numbers. Rather, you will be sharing a unified network that all payment companies participate in – one that is designed for consumers and businesses today.
To make this vision a reality, Ripple is now joining over 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition, which is introducing PayString, the universal payment identifier. PayString is a free and open standard that enables interoperability between payment networks.
PayString enables organic growth where no single company can control or set the conditions for joining. This people-based solution replaces complex account numbers with simple names that are easy to understand, remember and even type. PayString works in any payment network or in any currency – be it fiat or digital.
PayString improves RippleNet
An open payment network that unites all people around the world is a valuable resource for every participant. An open network based on open standards enables innovation and growth – similar to the introduction of the Internet as a mobile phone. PayString is an important step on the way to this open global payment experience.
Ripple’s global payments network, RippleNet, integrates PayString to improve interoperability in cross-border payments. The coalition’s mission and work aligns with Ripple’s founding vision – to enable the world to move values the way it moves information today, a concept we refer to as the Internet of Value (IoV).
With RippleNet and RippleNet’s On-Demand Liquidity Service (ODL), financial institutions can send global payments instantly, reliably, and inexpensively by leveraging blockchain technology and XRP for digital assets. Taken together, Ripple’s innovative solutions combined with the power of the Open Payments Coalition’s efforts are transforming global payments for everyone, everywhere.
By enabling a world where money moves as easily as information, PayString is driving digital payments, simplifying global payments for everyone, and bringing the world one step closer to making IoV a reality. Ripple is proud to be part of this coalition of industry leaders who are helping to establish this much-needed open standard for interoperability so that IoV can become a reality.
To learn more about PayString, visit www.paystring.org. Would you like to use PayString in your app? Register for the PayString Virtual Developer Conference on June 25th.