Huobi Group 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.
Read More: GlobalFintechSeries Interview with Nick Cowan, CEO of the GSX Group
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.
Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities
“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.
Read More: GlobalFintechSeries Interview with Patrick Turiano, Director of Marketing at Paysafe Group
