Payments News

The SRC Express

Jan 01, 2019

A network-sponsored spec for streamlined digital payments rolls toward implementation later this year, promising cleaner checkouts but also stirring questions about how it will work.

Remember all the excitement last spring about a so-called common buy button the major card networks were working on (“The Shared Checkout’s Slow Check-in,” June)? Well, that concept—faster, easier, and more secure online checkout—is now much closer to reality. And while the Secure Remote Commerce specification was understood to apply to e-commerce, the clearer picture that has emerged in recent months indicates the spec will apply also in emerging technologies like the Internet of Things and voice commerce.

What has also become clear is that the networks aren’t the only parties trying to work out a better consumer experience online. A technical body called the World Wide Web Consortium has been designing a specification for browser-based payments not just from cards but also from bank accounts. Alphabet Inc.’s Google unit has already adopted it, with more deployments in the works.

Now the two specs are barreling toward the finish line on parallel rails, and experts are starting to sweat the details on how they will interact.

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