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
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