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вЂњAs a standards body it is our job to be sure it is an open playing field.вЂќ вЂњThis involves quite radical changes to the way people think about payments,вЂќ said Ian Jacobs, the W3C staff member leading the effort. The standard will also make it easy to include new payment methods like Bitcoin or the Chinese payment provider Tencent. Apple Pay takes a piece of each transaction Samsung Pay does not.Д«ut the bigger goal behind the W3C project is to create a standard, seamless and secure way to pay for things electronically in a future that will most likely include virtual reality stores, chat-based transactions and machines making payments to other machines (an autonomous car paying for a parking spot, for instance).

The fees from transactions will still go to existing financial institutions like credit card companies and banks, unless customers choose a new online payment method like Apple Pay or Samsung Pay. вЂњThis is really fast, where a user can say, вЂTap, tap, buy.вЂ™вЂќ вЂњWe wanted to remove what we jokingly call the Nascar effect of checkout, where you see five or seven logos for the different cards and payment methods you can use,вЂќ said Zach Koch, the top Google executive on the project.

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The customer can click on the address and card to be used, enter the three-digit security code on the card and hit вЂњpay now.вЂќ Other browser companies may choose to use a fingerprint instead of the security code.

In the version that Google released, when customers shopping at participating merchants hit the buy button, they are given a drop-down menu of their stored shipping addresses and credit cards. Neither company has participated in the current W3C effort and they are likely to continue to provide an alternative to customers who donвЂ™t want to enter their details into their browsers.ДЄll met last week in Portugal to put the finishing touches on the specifications that they will introduce on different time frames to users around the world. Both have gained business and fees with their more streamlined checkout processes. The W3C project represents a challenge to PayPal and Amazon, the current giants of online payments. It will pop up on your phone, you will put your thumb on it and you will be done.вЂќ вЂњIn the future you will have one experience - it wonвЂ™t matter if you are at the store or on the phone. Birch, who currently works for Consult Hyperion. вЂњThereвЂ™s a convergence going on,вЂќ said Mr. вЂњIf we can get back to that single integrated solution that everyone has on their phone and their desktop, that is the way to move forward and get adoption.вЂќДave Birch, a consultant who has been working on electronic payments for over two decades, said the web browser stood the best chance of providing a unified and more secure portal for payments. вЂњInstead of simplifying the world, we have been fragmenting it into a million apps,вЂќ said Eric Shea, a payments consultant at Kurt Salmon Digital. Instead it will be equally open to any existing card or payment app, and it will channel them into a single place that most consumers already use - the web browser - where everything can be stored and used. And this one could fizzle, too, if online merchants, web browsers or consumers fail to adopt the new standard.Д«ut payment analysts are hopeful about the new effort because it will not require consumers or merchants to use a new method of payment. Numerous efforts to modernize the payment system have failed to take off. On the security side, rather than sending along all the credit card details, the browser will generate a one-time payment token that will avoid leaving your credit card number in countless databases around the world. But with the new standard, all the data fields will be filled in invisibly, requiring just one click. This will be somewhat like the existing auto-fill functions that browsers have. After the card details are entered once, they will automatically be called up as choices for all future transactions.

The standard will provide a uniform way for users to input their credit cards and payment systems to any web browser so that they can be used for any purchase on the web. Other browser companies have said they intend to follow.

Google, one of the authors of the standard, has recently introduced it in certain new versions of its Chrome browser.

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