August 15, 2020

Market News

Payburner plug-in and wallet for XRP

Payburner – what initially sounds like a new way of burning money, but turns out to be the beta version of a peer-to-peer payment platform for the cryptocurrency Ripple XRP. Connected to it is a practical 1-click payment function for even more fun when shopping online. As a browser extension, the Payburner Wallet can be easily loaded, for example via Chrome. Then all functions are available, but currently only in English.

Payburner wallet for XRP financial transactions

Build the economy of the future, Payburner slogan says. Because the application not only allows buying and selling, but also paying and donating ripple tokens. Via the pay button, the user can use these functions not only in e-commerce, but on every website. The Payburner crypto-commerce platform is also available as a mobile app and offers users a key depot, a secure login and the token wallet in just one tool.

PayID logo
PayID logo

It had only become known a few days earlier that Ripple had joined the Open Payments Coalition . With the free and open source PayID, there is a universal payment identifier that enables interoperability between payment networks. PayID is supposed to solve Ripple's previous problem of interoperability. The company's own payment solution RippleNET works well, but has so far not been able to handle the exchange of money and currencies across a wide range of payment markets

PayID creates ID for account numbers

With PayID, even complex account numbers can now be replaced by simple names. This enables use between any payment network, regardless of the currency and also whether fiat money or cryptocurrencies are used.

At Ripple PayID is even seen as the birth of decentralized transaction processing. And Payburner is supposed to establish itself as an excellent, sustainable payment platform, where digital assets bring freedom to individuals and companies that they never knew anything about. The functionality of the wallet is high.

It offers the ability to instruct transactions and can send a payment request. But online payment is also child's play.

In addition to PayID, the "Request for Payment" function and the PayID network search were also implemented. The wallet is a so-called non-custodial wallet, in which the private keys remain with the user. As a result, Payburner headquarters has no access to the passwords. So there is no security net if the private keys are lost. However, each user must save a .json account file securely on their computer in order to use the Payburner Wallet.

Also for wallets outside of Payburner

Anyone who wants to make payments outside the Payburner ecosystem simply uses the PayID. When logging into the wallet, this is set by each user. The PayID replaces complex account numbers with a simple ID. By sharing the PayID with other users, they can send payments from any wallet that supports PayID.

The user controls the receiving and sending via PayID from the plug-in menu of the wallet. The transaction is then triggered using the "Send payment" option and entering the recipient's PayID and the amount of XRP to be sent.

The payment request uses the existing and growing network of the Payburner wallet . This allows users to request payments from other users. The company plans to expand this requirement function in the future in order to integrate all PayID users beyond Payburner.

According to the provider's website, the "Receive payments" function is currently limited to PayID users in the Payburner ecosystem. Inquiries are encrypted with the peer-to-peer infrastructure used by the XRP ledger. Payburner assures that it will not be able to read these inquiries.

The network option allows users to find people on Payburner. Here, too, the developer wants to replenish promptly and expand the number of participants that can be reached with PayID on Twitter accounts. At the moment, searching for participants is limited to the send and receive functions of payments.

Payburner potatoes against XRP

1-click payment for e-commerce

With the checkout function, payments can be made from any XRP address. This function is not limited to Payburner users. The only requirement is that the merchant has a Payburner account. With a single click of the mouse on the Paybutton you can check out on every website.

If you want to test this, you can buy potatoes online. Really, they are the most beautiful Idaho Russet potatoes and they can be paid for easily and quickly in Ripple with XRP via the Payburner Extension. Unfortunately currently only possible in the USA, but a nice idea from Payburner to test the 1-click function live. Click here for the potatoes .

The integration of Payburner in WordPress with WooCommerce is particularly interesting for online retailers. The company plans to deliver further integrations in a timely manner, but around 450,000,000 online shops have already been prepared for Payburner. However, retailers have to pay small fees to use the payment option. The company uses these to finance itself according to its own statements. Payment requests and transactions within the Payburner network are free of charge.