Important Note: PayID has been renamed to PayString as of 15 December 2020.
To Implement PayID, Simplifying Payments Across All Platforms
Crypto.com announced today that it joined the Open Payments Coalition, along with 40+ leading finance and tech companies, on a commitment to drive open payments globally.
As the first initiative, Crypto.com will implement PayID on its platform. Through PayID, users are given an easy-to-read ID that works across any payment network to transfer any currency. As a result, 2M+ users on Crypto.com will be able to send and receive payments across platforms under the same initiative, connecting 100M+ consumers worldwide.
Kris Marszalek, CEO of Crypto.com said: “Though the global payments ecosystem has expanded on the promise of simplifying the transfer of money, it has also resulted in siloed, closed and complex networks that often make sending money more difficult. PayID will help ease these growing pains with a single easy-to-read ID that works on any network, a capability of significant value for cryptocurrency users who often transfer money across multiple platforms and geographies. Crypto.com’s involvement in the Open Payments Coalition allows us to better connect our 2M+ users across more payment platforms worldwide.”
PayID is the first step towards creating an open payments network and solves several pain points that come with transferring money between different platforms, allowing users to move money seamlessly without the need for a banking account, routing or credit card number. The open-sourced tool complements Crypto.com’s priorities on security and compliance; PayID features the security and privacy protocols required by large financial institutions and allows for easy compliance with local and global transaction and sanctions screening laws, including the FATF Travel Rule.
To learn more about PayID visit www.payid.org.