Online Giants Working Together For A Global Web Payment Standard

When you buy goods online, there are online payment methods that will make the whole process convenient and efficient. Online shopping is predicted to generate about £645 billion in sales by 2018 and payments are being made through various methods with different programming interfaces, security protocols and brand names. In order to make online payments simpler, a group of internet and financial firms are working towards a global web payment standard.

The World Wide Web Consortium (W3C) that was founded by Sir Tim Berners-Lee will harmonize formats across the internet. It hopes to replicate the success it had in standardizing HTML code for website design and how online databases are organized. W3C will streamline online check-outs to that customers can easily recognize and use online payment platforms across all retailers, websites and devices. This will also minimize the phenomenon of “abandoned cart” of half-finished orders that is exasperating for retailers and customers alike.

With the global online payment standard, customer experience will be more consistent and they will be allowed to use numerous payment methods through a single portal. Firms that have contributed to W3C payment goals include the US Federal Reserves and payment handlers like Swift and Worldpay along with online giant PayPal. However, this will make life a lot more difficult for web developers who are building sites that accept different forms of payments.

New digital wallets have been introduced by Google, Apple and Samsung as a way to improve security and usability as well as support marketing initiatives; however, many have not used these digital wallets. What the W3C Group wants to implement is a standard method of executing online transactions that will reassure customers and enhance security through standardized steps and confirmation messages. The agenda of W3C also includes how requests will be identified and passed from customers to merchants and banks.

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