PaySwarm advocate Manu Sporny recently spoke to Tom Simonite about a web standard for online payment. Simonite writes, "Over the past few decades, a handful of open standards for rendering and sharing text and imagery between computers—better known as the World Wide Web—have helped upend businesses worldwide. But these Web standards do not cover ways of transferring money or selling content, leaving us to fumble for credit cards and PayPal account details when it’s time to cough up. That could be set to change. A group affiliated with the body that maintains Web standards hopes to establish an open standard for transferring money online. If the plan is successful, Web browsers could come with features that make it much easier to buy and sell things or transfer funds over the Internet."
He goes on, "'Buying something on the Web today is a fairly awful experience that we’ve just gotten used to,' says Manu Sporny, founder of startup company Digital Bazaar and a member of the Web Payments community group, formed to propose the new standard. 'We’re working on making financial services a core part of the Web and the way that it operates to make it easy for people to exchange value on the Web.' The group’s intention is to supplant proprietary online payment networks such as PayPal with an open standard, like the one that specifies how e-mails are exchanged. Just as anyone can send an e-mail, anyone using software based on the payments protocol would be able to exchange money for free."
Image: Courtesy Manu Sporny