PayID is an integral technology that allows for a seamless payment processing experience. With PayID, numerous remittance systems can easily interact with each other. Today, Ripple product director Craig DeWitt shared the latest updates on PayID's progress and teased some new plans.
PayID and Payburner: first 1,000 addresses
Mr. DeWitt reported that, since integration with the Payburner XRP storage and transactions instrument, 1,000 unique PayIDs have been issued so far.
With this milestone achieved, PayID establishes itself as the most popular way to authorize XRP payments on Payburner.
Outside the sphere of retail payments, PayID opens plenty of opportunities for businesses. As an instant and purpose-agnostic instrument for remittances, it will be useful for small and medium-sized enterprises.
This allowed Mr. DeWitt to announce that the first integrations with e-commerce platforms are right around the corner in accordance with the PayID roadmap.
What is PayID?
PayID is a global network developed for low-latency digital asset transfers between Ripple partners. As of today, more than 40 entities, including BitGo, Blockchain.com and Huobi, use PayID to advance the crypto transfer process.
Ripple has high expectations for PayID development. Ripple CTO David Schwartz stressed that it will make transactions as easy as "sending e-mails." Human-readable addresses are a striking difference between PayID and "classic" blockchain-based accounts.
It can also merge the benefits of digital and fiat payment systems as well as help entrepreneurs and investors to deal with tax authorities in different jurisdictions.