• PayID is designed to facilitate interoperability between traditional finance and fintechs
• Asia is an early adopter of the universal payment identifier
• The first PayID-enabled transaction is expected by the end of 2020

Open Payments Coalition (the coalition), an international alliance of technology, finance and non-profit companies recently launched PayID, a new universal payment ID standard to simplify access for both consumers and businesses to send and receive funds globally across different payment networks and multiple currencies.

The coalition was formed by more than 40 global founding members including Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps Ripple, Standard Chartered Ventures, a number of Asia-based digital wallet and money transfer providers such as Indonesia’s GoPay, Philippines’ coins.ph, Singapore’s Liquid Group, Thailand’s DeeMoney and others.

PayID is designed to facilitate interoperability between traditional finance and fintechs and bring them under one standard. According to the coalition, its partners reach more than 120 million consumers worldwide and aim to break down proprietary silos and standards that currently exist in payments, accelerate the adoption of digital payments and change the way money is sent around the world.

Unique identifiers of parties, whether individuals or businesses, involved in financial and payment transaction have existed for a while and include international standards, such as Business Identifier Code (BIC), International Bank Account Number (IBAN) and Legal Entity Identifier (LEI), as well as those for domestic payment systems that are linked to mobile phone numbers, email addresses or some other forms of national virtual addresses.

Most of these however are restricted to either specific payment networks often linked to the formal banking system and inaccessible to the unbanked or domestic systems that cannot be used o...

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Keywords:Technology, Blockchain, Cryptocurrency, Cross-border, Fintech