Monday, November 16, 2020

Ripple is now with Paystring, no more PayID

 PayID belongs to Ripple Labs Inc. through re-naming with a new name, Paystring following on from the copyright issues linked to the New Payments Platform Australia (NPPA).


The original naming application was submitted to the US Patent and Trademark Office (USPTO) on November 6 before it was received on Friday.


Ripple doesn't go into detail about Paystring. However, based on information on the new brand, it is equivalent to the PayID which was registered on 17 Jun 2020.


In fact, the Paystring logo also matches the PayID logo which is a circular logo with four different colored bars.


The NPPA in August together with the Reserve Bank of Australia and 13 local banks have charged Ripple with stealing copyrights on the product name, PayID.


The NPPA service has been in operation for more than two years, helping to make immediate payments to repay 68 million Australian user bank accounts.


Since Ripple established a cross-sectional payment service that PayID also recognized in Jun with the partnerships of 40 other firms, as well as the NPPA product, the relationship between the two firms has not been very good.