Ripple Launches PayID To Break Down Payment Barriers

Ripple CEO Comes Back at Mike Novogratz, Calls XRP an Outperformer Compared to Bitcoin

It was in 2008 when the enigmatic Satoshi Nakamoto published an online paper, outlining the vision for Bitcoin as a whole. The concept was bold, explaining a new type of electronic currency that could be sent as easy as sending an email.

PayID Trying To Be The Future

Fast forward to today, and the Open Payment Coalition, a group headed by the crypto company Ripple, has now launched a new payment service: PayID. This service is aimed to allow users to send digital payments across borders and platforms of all shapes and sizes.

Kelvin Lee stands as the Head of Southeast Asia operations for Ripple, and gave an interview about the matter as a whole. As one would expect, Lee stressed that XRP, Ripple’s namesake cryptocurrency built to facilitate payments, stands to be a significant player within the global landscape. This, of course, comes in a time where many central banks are seeking to create their own forms of digital currencies, commonly referred to as Central Bank Digital Currencies (CBDC).

Promising A Large Amount Of Interoperability

Ripple leverages a proprietary payment network, RippleNet, in order to use blockchain technology for cheaper, faster, and more reliable payments, doing so for eight years now. Through the use of its XRP cryptocurrency, Ripple is capable of facilitating frictionless cross-border transactions in its network.


The Open Payments Coalition stands as a multinational alliance between an array of companies. These companies are Huobia, GoPay, Brave,, BitPay,, Ripple, as well as others. All have collaborated in the development of PayID, which is a universal payment identifier that will allow for interoperability between payment networks for its users.

Highlighting Other Examples

Lee highlighted Hong Kong, and how the country had adopted the Faster Payment System, or FPS. With the FPS, they leverage mobile phone numbers or email addresses to serve as payment identifiers. Lee stated that PayID works in a similar fashion, but with the capacity of doing it in the cross-border payment space, as well.

Users of PayID are capable of providing a phone number or email address, linking it to their bank account to instantly receive funds without the usual hassle of international codes, account numbers, SWIFT IDs, or routing numbers.

Furthermore, PayID operates across multiple currencies and payment networks, be it digital or fiat. Lee stated that it goes far beyond crypto-to-fiat transactions, but operates for card payment to fiat, or card to crypto, with the only factor being the user and their compliance, as well as the organization in the country itself.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.