PayID, a universal payment identifier, has recently launched new updates and features for the service as part of its commitment to enabling an open and inclusive future of digital payments, making PayID accessible to developers worldwide.
As digital payments continue to rise in use, it is important that end-to-end encryption and security continues to be a priority. In response to this, PayID has been updated with Verifiable PayID. This means non-custodial wallet users can now make use of a fully trustless model, so receivers no longer need to trust their provider. This has several benefits for non-custodial wallets as it de-risks the trust model of their PayID server and strengthens its defences against potential hackers.
Similar to the threat model of phishing attacks in email, a scammer can make it appear like a user is sending money to a friend or family member when in actuality it is not a secure PayID address. With Verifiable PayID, users can verify who a sender is before completing a transaction. On the receiving end, users can send a unique, secure signature through end to end encryption messaging to verify themselves as a valid PayID user. This method gives senders the confidence they need to ensure their transaction has completed securely.
PayID is an open standard that allows for interoperability between payment networks. To ensure it creates the simplest platform for crypto wallets and exchanges to enable PayID, the company have launched PayID Sandbox. PayID Sandbox provides developers with the ability to test PayID before setting up their own PayID servers. With the ability to test the solution, developers can get familiar with the technology before actually implementing it. This will also help to reduce adoption friction during the actual implementation process.
When AWS Lambda was first unveiled in 2014, it was met by an enthusiastic crowd excited to be a part of the next generation of computing. Since then, the serverless architecture market has boomed, catalysed by the growth in cloud adoption. Now with PayID AWS Lambda, more developers will have access to PayID via a standard-compliant platform, without the added cost of a setting up and managing a separate server. PayID AWS Lambda works just as the PayID server would, but this gives developers deploying less advanced or intensive deployment to implement PayID quickly and cost-effectively.
Earlier this year, Ripple joined global companies and nonprofits as a member of the Open Payments Coalition to launch PayID, a universal payment identifier consumers can use to simplify the process of sending and receiving money globally, across any payment network and currency. It enables payments to work like email, where a user has an email address (or identifier) that works across any service (like 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 and CoinPayments.