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Ripple launches PayID with 40+ partners


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https://payid.org/   Why Ripple Supports PayID: https://ripple.com/insights/why-ripple-supports-payid/   Fortune article about the project: Ripple launches PayID allowi

It's a standard format for payment addresses. Just like name@example.com is a standard email address format, PAYID members have agreed to use name$example.com as a standard payment address format. Jus

https://www.xrparcade.com/news/ripple-led-payments-coalition-aims-to-standardize-payments/

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2 hours ago, RandyMarsh said:

This seems like a hugely exciting development, but I've read a couple pages now and am struggling to understand exactly how this will all work. Could anyone try explaining to a thick fella like me - from a birds-eye-view - how payid works and just how xrp could fit into it? 

Setting up a PayId server It's like setting up an email server.

For each user you have a user@serverdomain.  If the email server is down / unreachable / user does not exist,  any email sent is bounced back. The same as a PayID payment.

Edited by Dario_o
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2 hours ago, RandyMarsh said:

This seems like a hugely exciting development, but I've read a couple pages now and am struggling to understand exactly how this will all work. Could anyone try explaining to a thick fella like me - from a birds-eye-view - how payid works and just how xrp could fit into it? 

https://coil.com/p/wietse/PayID-email-address-for-payments-available-today-in-XUMM/dQlHAvNKe
 

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Ever wondered why, when sending cryptocurrency around, you have to copy/paste these long weird addresses (and potentially: destination tags while when an e-mail the destination can look like hi@wietse.com? Or more common: user@provider.tld (eg. john.doe@gmail.com).

Well, those long crypto addresses are a thing of the past. Or: will be. In the past months alongside industry leaders across technology, crypto, and finance we’ve been working to develop PayID: an address for payments that works like email. With an $ instead of an @ sign. The PayID standard is an open (and open source) standard, and supports all rails: not only crypto (all chains), but even fiat payments (eg. bank account numbers, like IBAN accounts for the SEPA area).

For geeks, companies, hobbyists, it's even easy to run your own PayID server/service to serve your own PayID on your own domain.

If you open XUMM, go to Send and enter pay$wietse.com in the recipient name/address, you'll notice a PayID result containing my XRPL account address (read on after the demo movie below)

 

 

In short, soon we see at least all partners as listed on the website popping up new services on exchanges, online fin. corporations enabling payments to a 'email' ID address making the services far more accessible for adoption. This is something I have seen a lot of projects are working on for their chain and I don't believe one single coin went live with it (with high volumes). But correct me if I am wrong, so it's absolutely amazing to see this working so well together within crypto/FIAT and most importantly real easy to implement. Maybe I will check this out myself on some cheap VPS?

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So it's kinda like DNS for payments?

 

Does this mean rather than advertising a product on the likes of Amazon/Ebay and paying their commission, I could just post it on a 'free' space like fakebook and leave a payID addy?

 

Edited by PlanK
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2 hours ago, PlanK said:

So it's kinda like DNS for payments?

 

Does this mean rather than advertising a product on the likes of Amazon/Ebay and paying their commission, I could just post it on a 'free' space like fakebook and leave a payID addy?

 

Hammertoe explains how to host a static PayID on github:

https://dev.to/hammertoe/hosting-a-payid-on-github-pages-5fp0

You can thank him by sending some XRP to pay$hammertoe.github.io ^_^

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2 hours ago, Dirk_diggler88 said:

Is this in any relation to PayID that exists in Australia?

Yes.... Some Australian banks now fully support the NPP's (New Payment Process) payment processor OSKA (BPay) implementation of PayID address's... i think that's the best way to describe it...

For outgoing payments my bank does not yet support PayID address's. It does support instant outgoing OSKA payments using a BSB/AC combo. A trust line is set upon the first payment. Setting the trust line causes a short overnight delay. For outgoing payments once the trust line is set it is still at my banks discretion as to whether it uses OSKA or it's normal process's.

As for incoming payments, some are instant, like my exchange account... it's impressive at 1-3 mins between my exchange and bank account, that's really the only one I care about 8).

Depending on which bank your with and who you want to pay, you may be able to use a PayID I.D. instead of account numbers.

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22 hours ago, cmbartley said:

Ripple believes that by removing barriers to interoperability, more payments will naturally flow through crypto which will in turn increase volume through RippleNet and XRPL. 

I haven't grasped the inner workings yet but this part is unclear to me. How is PayID expected to drive XRPL usage?

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37 minutes ago, robertbruce said:

Yes.... Some Australian banks now fully support the NPP's (New Payment Process) payment processor OSKA (BPay) implementation of PayID address's... i think that's the best way to describe it...

For outgoing payments my bank does not yet support PayID address's. It does support instant outgoing OSKA payments using a BSB/AC combo. A trust line is set upon the first payment. Setting the trust line causes a short overnight delay. For outgoing payments once the trust line is set it is still at my banks discretion as to whether it uses OSKA or it's normal process's.

As for incoming payments, some are instant, like my exchange account... it's impressive at 1-3 mins between my exchange and bank account, that's really the only one I care about 8).

Depending on which bank your with and who you want to pay, you may be able to use a PayID I.D. instead of account numbers.

Is there any evidence that payid.org is related to the payid AU initiative? I don't think so. FlashFX might be able to comment. 

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24 minutes ago, aye-epp said:

I haven't grasped the inner workings yet but this part is unclear to me. How is PayID expected to drive XRPL usage?

The way I see it Ripple is fast becoming the dominant innovator in setting up the universal protocols, APIs, inter operable blockchain ledgers for cross border FX transactions and this new service fits into that suit of products.

Banks, FIs, private SMEs that adopt Ripple innovative systems, which are setting universal standards across the globe,  will naturally gravitate towards Ripple products like XRP because they will be viewed as fitting in with what others are using and are reliable.  Just like Apple fans buy Apple products and Microsoft dominate business computing. 

Pay-ID will find the cheapest fastest safest payment channels - for instance if you are sending money from your wallet/bank account to a friend abroad it will look for the cheapest options, and they might often include ODL options which by nature are cheapest, fastest and atomic.    

 

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3 minutes ago, Julian_Williams said:

 

Pay-ID will find the cheapest fastest safest payment channels - for instance if you are sending money from your wallet/bank account to a friend abroad it will look for the cheapest options, and they might often include ODL options which by nature are cheapest, fastest and atomic.    

 

I don't think so,  payid is just a alias. it doesn't find payment path. 

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6 minutes ago, cmbartley said:

Is there any evidence that payid.org is related to the payid AU initiative? I don't think so. FlashFX might be able to comment. 

https://cryptobriefing.com/payid-make-sending-ripples-xrp-easy-email/
and of course the rabbit hole goes back to 2014...

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