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"Digital wallet" American Express Co., America Online Inc., CyberCash Inc., Dell Computer Corp., IBM, MasterCard International Inc., Microsoft Corp., SET Secure Electronic Transaction LLC, Sun Microsystems Inc., Transactor Networks Inc., Trintech Group, and Visa USA, have joined forces in the creation of what they hope to be a universal format for "digital wallets" used for the online shopping experience. The idea behind the digital wallet is to store standard payment information the online shopper so that the information can be re-used whenever the user shops online-- bypassing tedious re-entry of financial information like credit card number, home address, etc. The format is being referred to as the Electronic Commerce Modeling Language (ECML). ECML uses a uniform set of field names that will streamline the way merchants collect electronic data for online billing, payment and shipping. Several online merchants have committed to supporting the standard. The ECML format, is compatible with many existing security protocols [SSL - Secure Socket Layer and Secure Electronic Transaction]. Updated June 20, 1999 |