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The Open Payments Coalition, an organization developed by Ripple and over 40 global and nonprofit companies, has announced updates and new features for PayID.
PayID, a universal payment identifier, has the potential to reach 125 million consumers through nearly 50 members of the Open Payments Coalition. As part of the Open Payments Coalition, which includes the new partners AirTM, Atomic and CoinPayments, PayID is committed to enabling an open and inclusive future of digital payments.
PayID has now been updated with Verifiable PayID. This means that users of the unsecured wallet can now use a fully reliable model, so recipients no longer have to trust their PayID provider. This has several advantages for unsecured wallets as it reduces the risks of their PayID server’s trust model and strengthens its defenses against potential hackers.
With Verifiable PayID, users can verify who is a sender before completing a transaction. On the receiving end, PayID users can send a unique and secure signature via end-to-end encryption messages to verify themselves as a valid PayID user.
Additionally, PayID launched PayID Sandbox to give developers the ability to test PayID before setting up their PayID servers. By being able to test PayID, developers can become familiar with the technology before implementing it.
Finally, PayID adopts AWS Lambda to give developers access to PayID through a standards-compliant platform, without the additional cost of setting up and managing a separate server.
