Web standards developer W3C has formed the Web Payments Interest Group to create security and customer experience standards.
W3C is concerned that mobile commerce transactions too often result in shopping cart abandonment, and has asked banks, retailers, credit card companies, mobile network operators and payment technology providers to develop best practices through the new group. It will examine processes for online and offline payments, remittances, retail and bill transactions and new crypto currencies, according to its charter.
While digital wallets are seen as a way to cut fraud and improve privacy, they're also plagued by interoperability problems, W3C said, adding the new group hopes to create a framework to ensure Web apps can interface with all payment methods,
Rabobank, Ingenico Group and Yandex are among financial or payments companies already taking part in the new group, W3C said.
Consumers, merchants and payment providers are "entering a transformational moment in time in the field of payment technologies," said Justin Erenkrantz of Bloomberg, the group's co-chair, in a press release.
"There are more options than ever offering frictionless and borderless transactions," Erenkrantz said. "Adapting existing payment standards, as well as old and new technologies, to work in a browser environment will help connect more than 1 billion people to the 'Internet of Money.'"
W3C's payments efforts will align with several other organizations establishing more secure online and mobile payments, such as EMVCo, FIDO Alliance, SIMalliance, and the Payment Card Industry security standards.