World Wide Web Consortium Launches New Payments Initiative
The World Wide Web Consortium (W3C) has announced a new Payments Interest Group—an initiative that seeks to integrate payments seamlessly into the Open Web Platform.
The international consortium, which creates Web standards and guidelines to guarantee long-term growth for the Web, is calling upon banks, payment solution providers, credit card companies, technology companies, mobile network operators, retailers and content creators to join the Payments Interest Group and leverage the Web’s ability to bridge ecosystem diversity and reach users anywhere on the world, on any device.
To integrate solutions into Open Web Platform and better understand the challenges being faced by the industry, W3C has chartered a Web Payments Interest Group, headed by Erik Anderson of Bloomberg and David Ezell of the Association for Convenience & Fuel Retailing.
Global stakeholders will list use cases and scenarios for various topics such as “floor-limits,” online and offline payments, the role of regulations on technology, general retail payments, utility payments, bill payments, and international low-value remittances.
Current gaps in Web technology about security, privacy and usability will also be studied, and possible solutions to bridge the gap will be presented.
In the beginning, the group will focus on digital wallets, regarded as an effective means to reduce fraud and improve privacy.
Ultimately, the initiative seeks to promote new business opportunities, improve user experience for online transactions, reduce fraud, and increase interoperability among traditional systems and future payment innovations.