- From: Daniel.Buchner <Daniel.Buchner@target.com>
- Date: Tue, 20 Jan 2015 04:01:20 +0000
- To: Web Payments CG ý[public-webpayments@w3.org]ý <public-webpayments@w3.org>
Hey Folks, I've been thinking a lot about payments the last few weeks from the perspective of a consumer, retailer, and CG/IG/WG member. In doing so I came up with a few important concerns/requirements for each stakeholder-type: Consumer * Let me pay easily with a single simplified solution, and let the mechanism, medium, and flow be ubiquitous. * Let me pay securely without the inherent susceptibility to ID theft, fraud, and malicious activity that is common with current mediums (ex: credit cards) Retailer * The solution should be easy to integrate * The solution needs to be more secure than the status quo * The solution should lower/eliminate fees and costs, if possible * The solution should allow us to easily account for our unique business logic (different consumer interfaces and internal processing requirements) CG/IG/WG Members * Don't force numerous, hefty specs on implementers that try to do it all * Make sure user stories are priority #1 * Don't pit forward-looking solutions against legacy ones in the name of unifying all current mechanisms/mediums of payment What in the world fulfills all of these points that we can shape into something actionable? There is an option, but it requires two things: 1. Completely separate development of solution meant to unite legacy payment systems from an unencumbered, future-forward solution based on a completely open payment network 2. Fundamentally modify how we view Bitcoin as that latter solution Most Bitcoin proponents pour the majority of their effort into pushing Bitcoin as a currency (it could be at some point in the future), but what if that's not the right way to think about the opportunity Bitcoin presents us as a payment standards-based group? Instead, what if we used Bitcoin for the thing it has done well since day 1: transport value across an open network. In the coming months you will see Bitcoin companies move to offer USD wallets (some already are - Coinbase, Bitreserve, etc.). This raises an interesting question: what if users held local fiat currency in a provider's wallet and could purchase anything through one simple, unified flow without ever knowing the system performs on-the-fly conversion between Bitcoin and back to transfer funds? Here's what this would mean: * Any company/actor could leverage this simple, unified payment rail/solution (Coinbase, traditional bank, browser, app, etc.) * Users would realize all the benefits of a simple, universal payment system without needing to understand, care about, or ever even hear about the nerdy Bitcoin tech that acts as the rail * The scope and effort required on the part of UAs shrinks dramatically * Site/app integration is also radically simplified (for some sites/apps it can be as easy as adding a link to their pages/views) * Business costs drop for every party involved Let me know what you think. - Daniel
Received on Tuesday, 20 January 2015 04:01:48 UTC