Huobi Group today announced that it has joined the Open Payments Coalition as a founding member of the multinational alliance. Huobi is joined by GoPay, Ripple, Blockchain.com, Brave, Standard Chartered Ventures, and other financial industry leaders in a collective effort to establish a global standard for digital payments.
As its first initiative, the coalition today launched PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency. Through Huobi and more than 40 other members of the Open Payments Coalition, PayID has the potential to reach more than 100 million consumers worldwide to accelerate digital payment adoption on a global scale.
“The next evolution in the global payments ecosystem has to be one that allows money, and the transfer of value, to be easy,” said Ciara Sun, Head of Global Markets at Huobi Group. “We are thrilled to be a part of PayID as it feels like a step in the right direction towards creating a truly open payments network that can be the backbone of a new era of payments.”
PayID is an open solution for payments that connects individuals across global networks and touchpoints, including banks, payment processors, digital wallets, exchanges, and more. By keeping the technology open source, the coalition aims to spur community innovation and create a more inclusive digital payments ecosystem without the usual silos of closed payment networks.
The coalition’s open source ideology closely aligns with Huobi’s push for universal standards and community collaboration in the blockchain and crypto industry. As the largest crypto exchange within the Open Payments Coalition, Huobi will work to integrate PayID functionality across its entire product ecosystem to create a seamless digital payment experience for all users.
PayID provides individuals with a universal address that allows them to easily send and receive money across any payment network. Sun added, “We know that this new way to transact and transfer value has to be sleek and simple to use. It has to be intuitive and accessible, and where we find ourselves presently, it needs to be interoperable too. PayID is looking to address all of this in an attempt to build a new payments ecosystem and it is exciting to be part of it.”