ETHAN BEARD OUTLINES PAYID
At the cutting-edge of developing new payment solutions , Xpring recently collaborated on PayID to simplify global payments . Beard elaborates :
“ PayID was launched in collaboration with more than 40 partners to save global payments from further fragmentation and make it easier to connect crypto and fiat currencies by providing a single standard that brings traditional finance into the modern era .
“ With digital payments expected to increase by 15 % in 2020 due to the global pandemic , more payment platforms will be used , and as a result , we ’ re going to see even more strain across networks . With PayID , both consumers and businesses can benefit from a simplified payments process . Users can easily send and receive any form of money , whether fiat or digital thanks to PayID ’ s open , ledger-agnostic nature .” blockchain and digital assets can help alleviate this aspect , prioritising its development by providing developers with the tools they need will be an important step on the journey towards digitising money .”
The relative merits in favour of ‘ optimising the current system ’ versus all-out ‘ disruption ’ continue to be debated , yet one thing remains clear : blockchain simply cannot be ignored either way . PwC relates in another report that 84 % of 600 surveyed executives across 15 territories have investigated the technology to a degree , although the level of attainment remains mixed ( for example : 20 % are researching ; 32 % are in development ; 15 % are live ; etc ).
At the same time , Gartner forecasts exponential increases in global business value generated by blockchain over the next 10 years : $ 175bn by 2025 and $ 3trn by 2030 . While these figures are encouraging , they should not cause the payment sector to be complacent . As the conversation continues as to whether collaboration with financial institutions ( Ripple ) or disruption ( Bitcoin and Ethereum ) is the best method for unlocking next-gen payment solutions , decision makers and tech strategists must boldly enter the conversation and help shape the transformation underway .
61 fintechmagazine . com