Electronic wallet

Published: 16 June 1999 y., Wednesday
Software companies and retail interests announced an electronic commerce standard that will allow customers to shop with one-click across a variety of Web sites. The format, known as Electronic Commerce Modeling Language (ECML), looks to store customers_ name, address and credit card number -- in a secure environment on the Web to be utilized for later purchases. Computer companies signing onto the standard include IBM, Compaq, Microsoft and Sun Microsystems, along with online service provider AOL. In the retail area, MasterCard, Visa and American Express all announced support for ECML, along with such online merchants as Dell Computer, Beyond.com and Healthshop.com. The firms are hoping to combat a common complaint among those who buy products and services over the Internet. Currently, a customer will fill in the necessary information to buy a product from one site. If they wish to purchase something from another site, they need to fill in the same information all over again. According to a study by Jupiter Communications, 27 percent of online buyers give up on orders before completion because of complex or redundant information procedures. The companies claimed ECML would work like an "electronic wallet." Once a consumer has filled out the information, it will automatically be used to complete the purchase applications of participating sites. ECML is publicly available and can be used with the various privacy and security applications commonly used by retailers, including both SSL and SET security methods. Software companies such as Microsoft said they would begin integrating ECML into their offerings. The technology will probably be offered to consumers in various ways, either as a stand-alone application or built into a browser. The next challenge for the standard_s proponents will be to increase the number of retailers who accept ECML from the relative handful already signed on. However, they may find a receptive retail climate. According to the same Jupiter survey, 76 percent of merchants surveyed said they_d be open to signing onto an "electronic wallet" type of enterprise like ECML.
Šaltinis: CNNfn
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

Cost and Environmental Concerns Push U.S. Business Leaders to Become More Energy Efficient

60 Percent Believe IT Can Transform How Their Companies Manage Energy Consumption more »

Aladdin Knowledge Systems Shareholders Approve Merger with Vector Capital Affiliate

Aladdin Knowledge Systems Ltd. announced that its shareholders approved the definitive merger agreement, providing for the acquisition of the Company by a Vector Capital affiliate. more »

Banks want more mobile-banking, mobile-deposit tech

Fiserv Inc. says a recent market study shows that banks and credit unions view mobile-deposit capture as a key consumer benefit, and they're looking to it as an extension of remote deposit capture. more »

Cyber-community for schools

Teachers take educational website in new direction. more »

Microsoft Reveals New Windows® Phones

Today at Mobile World Congress 2009, Microsoft Corp. CEO Steve Ballmer along with key mobile partners, HTC, LG and Orange, unveiled new Windows® phones featuring new user-friendly software and services. more »

Wincor Nixdorf opens Singapore Global Distribution Center

New facility to benefit customer operations in Asia Pacific. more »

10,000 “Eureka Moments,” and Counting

Microsoft has been awarded its 10,000th U.S. patent for a unique way of interacting with surface computers. more »

Study shows U.K. adoption of contactless, mobile payments is consumer driven

Convenience, rather than security, will be the driving force behind the U.K. adoption of new payment methods, according to an independent survey of 1,000 British consumers. more »

Wincor Nixdorf receives awards in environmental friendliness and customer satisfaction categories

In the first handelsjournal competition for the best products for retail businesses, Wincor Nixdorf’s BEETLE /NetX nd BEETLE /iSCAN systems were awarded gold and silver in the categories environmental friendliness and customer satisfaction. more »

Safer surfing for children

Seventeen leading websites have agreed to put in place safeguards to protect young people from unwittingly risking their privacy and safety. more »