PayID, a universal payment identifier, recently rolled out new updates and features for the service as part of its commitment to enable an open and inclusive future of digital payments, making PayID accessible to developers around the world.
As digital payments continue to grow, it is important that end-to-end encryption and security continue to be a priority. In response to this, PayID has been updated with verifiable PayID. This means that users of the unsecured wallet can now use a completely trustless model, so recipients no longer have to trust their 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.
Similar to the threat model of phishing attacks in emails, a scammer can make it appear that a user is sending money to a friend or family member when in reality it is not a secure PayID address. With Verifiable PayID, users can verify who is a sender before completing a transaction. On the receiving end, users can send a unique and secure signature via end-to-end encryption messages to verify themselves as a valid PayID user. This method gives senders the security they need to ensure their transaction is completed securely.
PayID is an open standard that allows interoperability between payment networks. To ensure it creates the simplest platform for cryptocurrencies and exchanges to enable PayID, the company has launched PayID Sandbox. PayID Sandbox gives developers the ability to test PayID before setting up their PayID servers. By being able to test the solution, developers can become familiar with the technology before actually implementing it. This will also help reduce adoption friction during the actual implementation process.
When AWS Lambda was first unveiled in 2014, it was greeted by an enthusiastic crowd excited to be part of the next generation of computers. Since then, the serverless architecture market has exploded, catalyzed by the growth of cloud adoption. Now with AWS Lambda PayID, more developers will have access to PayID through a standards-compliant platform, without the additional cost of setting up and managing a separate server. PayID AWS Lambda works just like the PayID server would, but this gives developers running a less advanced or intensive deployment to implement PayID quickly and cost-effectively.
Earlier this year, Ripple joined global corporations and nonprofits as a member of the Open Payments Coalition to launch PayID, a universal payment identifier that consumers can use to streamline the process of sending and receiving money to globally, across any payment and currency network. It allows payments to function like email, where a user has an email address (or identifier) that works on any service (such as Gmail or Hotmail, etc.) PayID has the potential to reach 125 million consumers through nearly 50 members of the Open Payments Coalition which includes new partners AirTM, atomic is CoinPayments.
