Over the 15 past years, payments on the Internet have been developed with no regulation or any standardization. This led to appearance of a huge number of payment solutions, which use different mechanisms for transactions processing.
"Each Company in the online payment area has invented its own way of interacting with customers", - noted Yandex.Money representative, Evgeny Vinogradov.
Now the World Wide Web Consortium is trying to organize payment services in the network, by creating a unified requirements for interface of payment services.
In spite of convenience for the end users, these changes shall be helpful to online stores that have to comply with the requirements of different payment providers.
"In order to receive payments through a variety of different providers, online retailers should take into account the specificity of each of them. Process of new payment service connection can take about several months" - said Vinogradov.
A new standard will also include requirements for user data, like purchase of goods with the age limits, flows of payments, payment confirmation and others.
Consortium is not aimed at creating new requirements. The organization is going to evaluate existing solutions at every stage of payment and choose the best one suiting all parties.
Standardization of Internet payment interests Google, Yandex, Apple, Alibaba, Bloomberg, Visa Europe, IBM, and even Federal Reserve Bank of Minneapolis.