A new page, Web 3.0/Wallet, has been added to my Social Networking+ notebook for My Idea Outlet. The contents can be found below.
There are a lot of websites and services that have wallets. Unfortunately, those wallets are only used within those websites and services. They also require you to update payment options everywhere.
Within my ideas for inclusionary social networking, I like the idea of developing a secure financial payment protocol. This would allow you to keep your financial information such as credit cards in one place, which can simplify management. You could then utilize this protocol to transfer funds to another site. This could potentially improve financial security since you would not be required to provide credit/debit card information for every site you buy things at. In other words, you provide them with funds instead of the means of obtaining funds.
Technically speaking, there are already sites that embrace a similar concept, such as PayPal. Like a lot of my proposals, the key difference is that I am focused more on the use of open but secure protocols rather than individual businesses creating their own model. For PayPal and similar services, websites have to be designed to explicitly support every source they accept. With protocols, any site providing a wallet service would work with any site that accepts that type of payment.
Since such protocols would need to be designed by security experts, I will not provide too many details on how they would work. I would expect that a store would ask for a social network and user id, and request payment using some form of transaction ID from the buyer through the network. At that point, the social network would ask the user for approval. Once approved, the funds would be transferred alongside the transaction ID.
I'm going to hint at something right now that I'm not ready to explain. I would like to attach this type of wallet to a subscription manager. I see the potential for a feature that some people would absolutely love.
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