Cryptocurrency is an ideal payment method for ecommerce and is gaining in popularity and use. While cryptocurrency is widely used across North America and Europe and growth is seen in South America and Asia Pacific, customers in these developing parts of the world are able to take advantage of buying and selling goods on a global scale thanks to the blockchain.
One area where improvements could be made is to streamline all the options for online payments. Customers these days have what seems to be an endless variety of options when checking out online. Credit card, bank account, PayPal, ApplePay, BitPay, AmazonPay, Visacheckout, Affirm and on and on. With so many choices, consumers are forced to keep up with an endless assortment of user names, payment addresses such as BTC Address, Venmo name, PayPal user name, ETH address, Cash App, Bank Account, Phore Address, XRP Address, BUSD Address, Libra Address/Account to name just a few.
Sending money online should be simple and easy. At BitPay, we believe it can. That’s why we’ve joined the PayId initiative and partnered with Ripple to remove payment silos that require customers to have so many payment credentials. Payment at checkout should be fast, safe, secure and simple. Moreover, a standard payment process should work across any payment network and anywhere using a simple, easy to remember payment ID that's built for all, not just one particular payment company or service.
This is where the mission of PayID comes in and why BitPay supports that mission.
PayID allows someone to send and receive money across any payment network, in any currency across the globe. With PayID, people, and potentially businesses, have a simple ID that’s easy to remember so people can make payments and send money to friends, family, and not a routing number or complicated crypto address.
For blockchain payments, the knowledge and comfort level required to send cryptocurrency is high. New and experienced users alike have to deal with the anxiety that comes with the potential of losing their money forever if they make one mistake when entering a crypto address. PayID can help with this by turning that address into a simple naming structure for all businesses and consumers.
BitPay believes in advancing the mission of PayId and its efforts to make it easier for businesses to accept blockchain payments across the world,” said Sean Rolland, Director of Product at BitPay.