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

search.lt news

search.lt presents newest links more »

Croatia ahead of most EU countries in m-payment implementation

Croatia is among the European leaders in the implementation of mobile payments, according to a recent global study of the sector by Arthur D Little, the world’s first management consulting firm more »

RUSSIA GETS BUSINESS SAVVY SEARCH ENGINE

It is now possible to search Russia for offers or bids to sell or buy businesses via the Internet, by means of a special search engine called "Investor Searcher" more »

Torvalds Criticizes Security Approaches

Linux creator Linus Torvalds had a few things to say this week about the way potential security issues are disclosed to fellow open sourcers more »

Considerable growth

NUMBER OF INTERNET USERS REACHES 675,000, MOBILE USERS 544,100 more »

British Airways introduces online check-in

British Airways has launched a new Internet site, making it easier and quicker for customers to find what they need at the click of a button more »

The Internet Story

The Internet has been around for much longer than most people think, with its roots able to be traced back to the 1960s. Clear goals have driven some, whilst others have become household names almost by accident. Find fascinating facts on a phenomenon that has changed communication to an extent which was previously totally unimaginable. more »

HP shifts last of Itanium work to Intel

Hewlett-Packard and Intel designed the Itanium chip together, but HP is handing the project over more »

An Agreement

Internet Will be Provided to 300 Remote Villages of Lithuania more »

EU threatens legal action over IT regulation

The European Commission is to warn eight European Union member states to bring their regulatory regimes for electronic communications into line with common standards or face legal action in the Court of Justice more »