Companies set up group to improve web-based payments

Friday 17 October 2014 00:01 CET | News

A number of companies and organizations have joined forces to form a group called the Web Payments Interest Group.

They include general merchandise retailer Target, Russian search and e-mail provider Yandex, payment and authentication tech specialist Gemalto, Netherlands-based banking company Rabobank and the Federal Reserve Bank of Minneapolis.

According to the group’s charter, one big area the group will address is digital wallets, the technology that lets you replace physical items like cash, credit cards and debit cards with electronic equivalents.

The W3C group hopes to tackle the technology in a standardized way that lets anyone participate, not just those within a particular alliance. That will require a look at authentication, security, virtual currencies such as Bitcoin, near-field communications (NFC) technology used in tap-to-pay systems, and more.

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Keywords: Target, Yandex, Gemalto, Rabobank, Federal Reserve Bank of Minneapolis, online payments, payments general
Categories: Payments & Commerce
Countries: World
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