Payment ID plans to provide faster remittance process for overseas Filipino workers (OFWs), easing the process to ensure a simple and hassle-free solution for their financial needs.
Payment ID Targets OFW Market
Launched in late June by Open Payments Coalition, a group of more than 40 organizations, Payment ID (PayID) offers a multi-currency and multi-channel tool for both sending and receiving money. This makes it an ideal tool for OFWs to use as they send remittances to the Philippines.
It could not be denied that there are problems that OFWs encounter with remittance companies but through PayID, these issues could be minimized, if not eliminated altogether.
“With the Philippines being one of the biggest remittance receiver countries, we definitely see the potential of PayID as a simple and hassle-free solution for OFWs to send money home,” explained Kelvin Lee, the Head of Southeast Asia at Ripple, a money transfer solutions firm.
Since 2018, the demand for online solutions for money transfers has increased, Lee added. But the demand has surged due to the current safety issues pertaining to the COVID-19 crisis.
“However, the current payment process is slow and inefficient, and there is a need for a standardized solution…. and PayID aims to facilitate this by breaking down silos in the payment process, unifying a fragmented payments network,” Lee further explained.
A free and open standard technology that banks, remittance centers, payment providers, and mobile wallet firms are able to use, PayID is simply the best solution to this problem.
What makes PayID ideal is that it is easy and secure to use. Moreover, users can use the same payment ID for various financial institutions – only a single address is assigned and needed even for multi-channel transactions.
“This means with PayID implemented, an individual can send HK$500 from their Crypto.com wallet to a friend’s Coins.ph wallet. For businesses, this means being able to offer their customers a single ID that works across any network, thereby increasing their reach to more wallets, currencies and payment platforms,” Lee shared.
Is Payment ID Safe?
“PayID payments can only be made from online and mobile banking of participating banks, credit unions and building societies. This means the same very high level of security that protects your existing bank accounts payments will also protect your PayID payments,” explains the PayID website.