There is only so much the average Bitcoin community member can do to boost adoption of this global digital currency. Every now and then, we will need outside help, which is exactly what the World Wide Web Consortium will provide. Their new Web Payments Working Group will examine how new payment methods can be adopted more easily, and part of their focus will be on crypto currencies such as Bitcoin.
W3C Web Payments Working Group
E-commerce is playing an ever-important role in the daily lives of customers around the world, yet the whole user experience needs to be more streamlined and intuitive. There are two main points of focus for the Web Payments Working Group: payments have to be easier – and more convenient – and checkout security has to be improved.
Both existing and future payment methods will be supported by the standards proposed by the Web Payments Working Group. Bitcoin and other distributed ledger technologies will be given the same level of focus as mobile and card payments. To create a more simplified check and payment process, the Web Payments Working Group plan to create standardized API’s.
In the end, paying for goods and services online will be more convenient, faster, and more secure than it has ever been before. Mobile payments are a hot topic right now, and this is one key area of e-commerce the Web Payments Working Group want to tackle head-on. Additionally, web developers will have an easier time to integrate new payment methods into their applications and platforms.
“The industry has looked to digital wallets as a way to improve security and usability, as well as to support marketing initiatives. And yet, users have not yet wholeheartedly embraced them. We believe that one reason for this is that the digital wallet market is fragmented, and providers use incompatible programming interfaces.” – W3C CEO Dr. Jeff Jaffe stated in a press release.
Research conducted by Business Insider shows that, despite there being an uptrend regarding online consumerism, two out of three purchases are not completed. That is quite a staggering number, meaning that online retailers lose more than two potential sales for every sale that goes through. In some cases, the consumer can’t find the preferred payment method, but a lot has to do with insufficient security when paying online.
Whether or not all of these issues can be addressed by the standardized API’s to be created by the Web Payments Working Group, remains to be seen for now. However, the team feel confident they will be able to guide the user in the right direction with their improved message flow along every step of the checkout process.
“It is challenging today for merchants to offer new payment options to consumers because of the many proprietary solutions and number of different APIs that they have to deal with. Open standards from W3C will help payment providers and merchants lower costs of payment management, improve consumer choice and transparency, and create new opportunities to introduce value-added services. These standard APIs will also give us a foundation for future Web payments capabilities.” – Merchant Advisory Group CEO Mark Horwedel commented.
Positive News For Bitcoin Adoption
It is positive to see the Web Payments Working Group focusing on other payment methods than what is mainly used by mainstream consumers these days. Mobile payments will play a big role in the next consumerism mind shift, and Bitcoin will have the same effect. All over the world, there are billions of people with no access to financial services who would love to buy things online, but simply can’t.
Popular disruptive payment methods such as Bitcoin and other cryptocurrencies will prove to be stiff competition for credit and debit card payments. Even PayPal has been experimenting with Bitcoin payments to keep their own platform relevant in this age of innovative payment methods.
Images courtesy of W3, Web Payments Working Group, Shutterstock
Also published on Medium.