In her interview with ZDNet Korea, Ripple's Head of Global Operations Emi Yoshikawa stated that the PayID solution recently released by the DLT decacorn Ripple and forty other companies is going to bridge fiat currencies and crypto.
Besides, it will bring together all payment solutions and platforms with a single standard to ensure their interoperability, she said.
Sending payments as easily as emails
ZDNet Korea has spoken to Emi Yoshikawa about PayID, how it will transform the global system of payments and what place cryptocurrencies will have in that future scheme.
According to Yoshikawa, the PayID solution recently launched by Ripple and forty other major banks and companies (including Brave browser and crypto exchange Coinone) will transform the process of sending cash between various payment systems into an easy one, since it will be similar to sending emails—one of the simplest things to do these days.
Yoshikawa emphasized that, when sending emails today, you do not think about which email format the recipient uses, since everything to do with sending and receiving emails has long been standardized across platforms.
Ripple, with its partners, wants to achieve the same for payments and allow various global payment solutions to interact with each other seamlessly.
A new universal payment technology
PayID will use a universal technology for payment accounts. Emi Yoshikawa pointed out that, these days, people around the world are using a lot of different payment apps, but they cannot collaborate.
You cannot send money from one platform to another unless they are part of a bigger network or linked in another way; there is no standard that would join them together.
PayID will join all payment networks and standards together and also link cryptocurrency payment platforms with those that only use traditional fiat money.
Ripple faced a lawsuit for PayID
Previously, it was reported that a major payments service platform from Australia, NPP (New Payments Platform Australia), has sued Ripple for allegedly violating its trademark.
NPP Australia states that it launched its PayID trademark back in 2018, followed by a huge advertising campaign worth around 3.3 mln AUD.