Despite the advances in user experience across cryptocurrency and blockchain in the last few years, there remain certain aspects of crypto that have proven frustrating and limiting for user adoption. One of these is the relative complexity and ungainliness of wallet addresses. Though the long strings of characters may be no big deal for tech-savvy users, for the less initiated, addresses are intimidating and lend themselves to mistakes when copying and pasting. And there’s no faster way to drive a user away from crypto than losing funds by sending to a wrong address.
That’s why we’re joining the Open Payments Coalition - a group of more than 30 leading companies across tech, finance, and nonprofit sectors. In pursuit of solving the payment hiccups listed above, the Open Payments Coalition has launched PayID - a simple yet groundbreaking system for crypto payments using user IDs.
A New, User-Friendly Payment Address System
Liquid joined the Open Payment Coalition and the PayID movement as part of its ongoing partnerships with other fiat-cryptocurrency providers in the payment space, as well as part of Liquid’s ongoing mission to collaborate on innovative methods of sending and receiving across different protocols. And thanks to Liquid’s new Quick Exchange technology, we can offer different currency swaps that the network can send via PayID. PayID also complies with Financial Action Task Force travel regulations, making it a pleasure to work with.
Above all, Liquid’s envisions the implementation of PayID doing Liquid’s part to make sending cryptocurrency easier and more user-friendly than ever.
PayID brings together companies across all industries with the first-ever global solution for payments, marrying traditional finance and the new world of fintech under one standard.
PayID empowers users to send and receive money on any payment network, in any currency. The most powerful aspect of PayID is that now users can have an ID of their choice, akin to an email address, that greatly tones down the intimidating and technical feeling of using extended gibberish characters for payments. PayID can be used by any business or entity that sends or receives payments, and is open, free and easy to integrate - and it’s launching with a reach of over 100 million customers worldwide.
For more information on PayID, visit www.payid.org and the PayID Coalition.