Re: Multiple Wallets

RE: "I think it's clear that nobody is talking about the same thing
here :)  I think the term "wallet" and "payment instrument" will only
make sense in the context of a particular concrete proposal."

Given the prominence of the "wallet" concept in the Charter, and given
the IG's decision that the Charter will not include work towards
standardization of an electronic wallet specification, and yet given
the absence of any working definiition of electronic wallet in this or
any  other reference document, this topic promises to be an inevitable
source of lasting debate.

In work underway at DataKinetics on a free/libre/open source module to
enhance any e-invoice, we required a sufficiently generic and yet
semantically specific working definition of any e-wallet so that the
requirements for information exchanged between the two could be
specified. I suggest the same is required for the other side of the
e-wallet, which is any e-payment system.

A week ago I offered the following suggestion. I hope it will be okay
to repeat myself, as I didn't see any replies on its substance...

***
1. On the topic of wallets:

SUGGESTION: There was considerable discussion on this list about
whether or not the term "wallet" was helpful or confusing. It appears
there's a preference to keep it. Let me therefore suggest the
following concise functional definition summarizing our approach at
DataKinetics:

An e-wallet has two general functions:
* It is a "depository" for the temporary storage of information in the
form of authorized scalar units of money (as either tokens and/or
scalar values in a registry)
* It is a "repository" for persistent storage of enduring integral
artifacts (e.g. payment method algorithms, receipts, coupons,
credentials, etc.)

***

In the above, we are attempting to align with the WG IV (e-Commerce)
of the United Nations Commission on International Trade Law
(UNCITRAL). This top-level global legal standards body distinguishes
two systems for the management of electronic transferable records
(their most generic term): “registry-based” and “token-based”. A
registry contains information about the electronic transferable
records including “the identification of a sole owner of the record
and of the rights incorporated in that record at any time”. In
contrast, a token is an original and unique record, with which a
transfer of rights is accomplished through transfer of control over
the record itself. A token-based system for electronic payments is
similar in its basic procedures to a paper-based payments system.
(UNCITRAL, 2012, p. 7) A registry-based payments system implements
control via the management of verifiable unique identities; a
token-based payments system implements control via the management of
verifiable unique tokens.

Source: UNCITRAL. (2012). Legal issues relating to the use of
electronic transferable records (Version dated 17 August 2012). United
Nations Commission on International Trade Law (UNCITRAL), Working
Group IV (Electronic Commerce). Forty-sixth Session, Vienna, 29
October-2 November 2012. United Nations General Assembly
(A/CN.9/WG.IV/WP.118). Retrieved from
https://www.uncitral.org/pdf/english/workinggroups/wg_4/WG4-WP_118_e.pdf



Joseph Potvin
On behalf of DataKinetics http://www.dkl.com
Operations Manager | Gestionnaire des opérations
The Opman Company | La compagnie Opman
jpotvin@opman.ca
Mobile: 819-593-5983

On Fri, Jul 31, 2015 at 11:07 PM, Brett Wilson <brettw@google.com> wrote:
>
> On Fri, Jul 31, 2015 at 6:56 PM, Mountie Lee <mountie@paygate.net> wrote:
>>
>> is anybody share the latest link of glossary for wallet, payment scheme, payment instrument?
>>
>> in the user's view of payment instrument,
>> for example, credit card is one of payment instrument.
>> google wallet(or apple pay) is the container of payment instruments(credit card and/or more)
>>
>> I thought that the container is the wallet.
>>
>> to process credit card payment, users may choose google wallet(or apple pay..) when merchant accept it.
>
>
> OK, I think it's clear that nobody is talking about the same thing here :)
>
> I think the term "wallet" and "payment instrument" will only make sense in the context of a particular concrete proposal. Right now things are too ambiguous for any consensus. I am going to stop worrying about this.
>
> Brett

Received on Saturday, 1 August 2015 11:47:21 UTC