Categories: Crypto

Ripple, Brave, and Huobi Join the Open Payment Coalition

For many years now, the world has been looking for a universal payment method that will be globally accepted. That search is far from over, although the Open Payment Coalition has welcomed a lot of new members. 

Numerous attempts at introducing a universal payment solution have been launched.

Can the Open Payment Coalition Succeed?

For now, the only contenders are cash or payment cards, although neither has a 100% market penetration.

The Open Payment Coalition aims to introduce a new solution through its instant payment network PayID.

As this project gains more traction, additional companies will try to lend a helping hand.

Recently, several crypto firms have pledged support to the Open Payment Coalition, including Ripple, Huobi and Brave

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It is expected that this will bring the PayID network to over 100 million consumers in quick succession.

Far from a global payment method, but the growth should not be ignored either.

For now, PayID has primarily gained traction in Australia.

A very important market, as a successful run here can easily bring this payment network to the Asian region. 

In the end, the hope is to make sending money as easy as sending an email or SMS.

Only time will tell if such a solution can be used globally, but for now, that seems rather unlikely.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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