The developers of the open-source Chromium engine, which powers popular browsers like Google Chrome, are pioneering a technology for online content transactions. This innovation will allow users to effortlessly pay for internet content with minimal effort.
Automatic Payments for Website Owners:
Website owners can now receive payments directly from visitors, eliminating dependence on advertisers. Users only need to set up the integrated e-wallet in their browser once. This approach is a departure from previous attempts in the nineties when micropayments were deemed economically unviable.
Web Monetization Technology Features:
Web Monetization (WM) technology boasts two key features – it supports small payments and requires minimal user involvement. Chromium integrates an electronic wallet, leveraging the Open Payments API tools. Access to the wallet follows the GNAP protocol, with operators like Gatehub and Fynbos services facilitating the process. Site owners simply add a tag to their page source code, enabling visitors to transfer funds seamlessly.
Industry Interest and Challenges:
Apple and Google, responsible for WebKit and Chromium, express interest in WM technology. However, Mozilla remains cautious. Implementation in Chromium will extend the feature to Chrome, Edge, Brave, and other browsers. The timeline for this integration remains uncertain, with challenges such as security, scalability, and transaction fees requiring resolution, notes NIXsolutions. Forrester predicts that by 2024, micropayments will emerge as a compelling alternative to subscriptions.
This innovative approach to online payments presents exciting possibilities, although the industry must address various challenges before widespread adoption.