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Re: Credit-card payments on the Web - Stuck in its 1998 form

From: Melvin Carvalho <melvincarvalho@gmail.com>
Date: Mon, 7 Oct 2013 01:12:28 +0200
Message-ID: <CAKaEYhK35EErMZi7K7vd2gAHud2wo1Qd-+GBdAE0dxpkXqemKQ@mail.gmail.com>
To: Anders Rundgren <anders.rundgren.net@gmail.com>
Cc: Web Payments <public-webpayments@w3.org>
On 6 October 2013 22:02, Anders Rundgren <anders.rundgren.net@gmail.com>wrote:

> On 2013-10-06 10:33, Melvin Carvalho wrote:
> >
> >
> >
> > On 5 October 2013 08:10, Anders Rundgren <anders.rundgren.net@gmail.com<mailto:
> anders.rundgren.net@gmail.com>> wrote:
> >
> >     Credit-card payments on the web haven't taken a single
> security-related step forward
> >     since 1998 when 3D secure was conceived.
> >
> >     How come?  There's no suitable web technology available for this
> purpose and
> >     banks do not build browsers.  In addition, banks do not contribute
> to standardization
> >     in open forums or to open source projects.
> >
> >     Can W3C do something here?  I don't think because there is too much
> tension
> >     regarding payments.  What is (at least theoretically...) possible is
> creating neutral
> >     web technology allowing banks to build their own payment systems.
> >
> >     What's completely missing are requirements.  However, AFAIK you are
> not allowed
> >     to mention possible requirements in public forums if you are working
> for a major
> >     US tech company due to IPR and product considerations.
> >
> >     How are you supposed to break the ice?
> >
> >
> > 2013 Amsterdam. Tony Gallippi, BitPay [video]
>
> > ‘Credit cards were never designed for the internet.
>
> Exactly.
>
> And browser's were not designed for performing secure transactions either.
>
> That is, there is no foundation for payment standards in this space
> unless you have some 10 years or so to spend.
>
>
> > Bitcoin is the solution’
> >
> > http://www.youtube.com/watch?v=xErcjeDhTdQ
> >
>
> After watching the video, my sole question is (note: I'm ignorant when it
> comes to Bitcoins...) what's missing and needing standardizing?
>

Let's break it down.  The two major functions that people use are the read
function (GET) which is to check your balance.  And the write function
(PUT/POST) to make a transaction.

The web is a great candidate to model these two functions, and provides a
scale at which we had not previously imagined (global) ... bitcoin is an
awesome proof of concept, but it has the disadvantage of having to download
a new client and key management etc.  the web paradigm can make both this
scalable and user friendly.

Email really took off when it was translated to the web (webmail) ... the
web has a similar route to make payments more ubiquitous, imho.


>
> Cheers
> Anders
>
> >
> >
> >     Anders
> >
> >
>
>
Received on Sunday, 6 October 2013 23:12:58 UTC

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