Fintech coalition wants more local firms into PAYID system
Open payments Coalition (OPC) leader Ripple Labs Inc. is currently working on getting more local companies to be part of the coalition’s recently-launched universal payment identification (payid) system.
The company led other firms in introducing PAYID last month in a bid to simplify the process of sending and receiving money across the world. at the time, there were over 40 network members already coming
from the finance, technology and nonprofit sectors.
“The more organizations we can onboard to support and integrate PAYID into their products, the better off our entire payments ecosystem will be,” Ripple Southeast asia Head kelvin Lee said in an interview with the Businessmirror.
With the newly-formed network, the PAYID can reach 100 million consumers across the globe, Ripple noted. It added that this system addresses the pain point arising from closed payment networks.
Ripple said that PAYID allows individuals to transfer money via “easy-to-read address versus one that’s awkward and unintuitive— such as a bank account, routing or credit card number.”
Lee noted that while the Philippines has been embracing electronic payments and online transactions since 2018, its current payment process is “slow and inefficient.”
He said this bump on the road requires a standardized solution.
Lee said that PAYID services are not only convenient and quick but also cheaper means of sending money home, benefitting both senders and receivers.
“With the Philippines being one of the biggest remittance receiver countries across the globe, PAYID is a simple and hassle-free solution for [overseas workers] to send money home,” he said.
The Bangko Sentral ng Pilipinas recently reported that remittances by overseas Filipino workers registered a four-year low in april. Personal remittances reached $2.27 billion in april, lower than the $2.65 billion in the previous month.
apart from Ripple, the Open Payments Coalition is composed of 44 other brands, from Bitbns to Xumm.