News Burst: Major players look at e-payment standard

According to reports, major Internet players AOL, Sun and Microsoft and credit card companies Visa and Mastercard are on the brink of agreeing a common standard for online credit card payments.

The companies are set to endorse a technology known as electronic-commerce modelling language (ECML) the Wall Street Journal reports today. The system will allow online retailers to accept credit card payments from users without demanding personal detail form filling each time. For users ECML will form the core of the electronic wallet used to go shopping online. The technology is touted to become the universal online shopping language -- an e-commerce equivalent of HTML.

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