Influential WWW Group Tackles Online Payments
Oct. 20, 2014
President Obama was not the only one interested in bringing more security to payments last week. On Wednesday, the World Wide Web Consortium (W3C), the main international standards organization for the World Wide Web, launched an initiative to explore how to make online payments safer and more useable. The group said its Web Payments Interest Group will tackle two main areas of concern in online payments: conversion and fraud. W3C, founded in 1994 and led by Tim Berners-Lee, the acknowledged inventor of the Internet, works on various Internet-related issues to establish agreement among various stakeholders about new technological standards.
The group will look at different areas of online payments including remittances, retail and bill payments, how regulation affects technology and more to figure out the best way to integrate payments solutions into the Open Web Platform. The Web Payments Interest Group said its work will initially focus on digital wallets as an effective way to reduce fraud and improve privacy, simplify transactions from mobile devices and make it easier to integrate new payment innovations. The group also will include previous W3C discussion on authentication, tokenization, cryptography and NFC.
"We are entering a transformational moment in time in the field of payment technologies as there are more options than ever offering frictionless and borderless transactions," said Justin Erenkrantz, head of computer architecture at Bloomberg. "Adapting existing payment standards, as well as old and new technologies to work in a browser environment will help connect more than one billion people to the ‘Internet of Money.’ We must work together to achieve this goal and make a difference for everyone. Bloomberg is a proud supporter of these efforts."