Google is developing a new Web Monetization feature for Chrome that could really change the way we pay for things online

Date:
Thu, 08 Aug 2024 20:23:18 +0000

Description:
Google's new Web Monetization feature aims to revolutionize online payments
by enabling micro-payments directly to content creators, bypassing
traditional fees.

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Googles monopolistic throne in online search and related advertising matters may have just been hit with a major blow , but thats just one type of digital market and Google (of all entities) knows that there are plenty of others out there - y'all ever heard of Patreon ?

Now, Google is reportedly developing a new Web Monetization functionality for its Chrome browser , and with it potentially comes a whole wave of changes to how payments can be made online.

On the internet, many websites that exist for commercial purposes are able to make money through ads and subscriptions. To us, many of these transactions
at least have the facade of being direct, sometimes bar a processing fee. But facilitating these payment processes also costs a pretty penny due to intermediary services and additional costs that can occur during the digital payment process. This is often why there are eyebrow-raising situations where fees end up accounting for a large chunk of the money exchanged. (Image credit: Shutterstock) Don't panic - heres Googles proposal

This isnt the only major push by Google to offer (and in Googles heart of hearts, replace) a part of the status quo for browsers with its own
Google-led alternative. In a new support document published on the Google Chrome Platform Status site, Google explains that Web Monetization is a new technology that will enable website owners to receive micro payments from users as they interact with their content."

Google states its intention is noble, writing that Web Monetization is designed to be a new option for webmasters and publishers to generate revenue in a direct manner thats not reliant on ads or subscriptions.

Google explains that with Web Monetization, users would pay for content while they consume it. Its also added a new HTML link element for websites to add
to their URL address to indicate to the Chrome browser that the website supports Web Monetization.

If this is set correctly in the websites URL, for websites that facilitate users setting up digital wallets on it, when a person visits that website, a new monetization session would be created (for that person) on the site. Im immediately skeptical about monetizing peoples attention even further than it already is, but Google reassures us that visitors will have control over the whole process, like the choice of sites they want to reward in this way and how much money they want to spend.

Further, Ghacks explains that this requires websites to have a mechanism that can add funds to a digital wallet, and a mechanism that can manage the sites that each person chooses to support financially. Then, Chromes Web Monetization will take care of the rest, but if you want to really dig into the details, you can check out the technical documentation. A new way to
drain your wallet online?

Maybe Im jumping the gun with my immediate skepticism of this plan, as Ghacks also notes that this could be a more direct way to make micro-payments by taking out the intermediate points that spawn additional fees. This benefit would only multiply if you use it for multiple payments, as it removes the requirement that users must pay fees every time they make a payment.

The need for payment service providers will still exist, but it does look
like the overall costs of doing business online could decrease with Web Monetization. Of course, whether the businesses that sell goods and services decide to pass on the savings to users is another matter entirely.

Theres also the fact that were still learning about what it will look like
and there are many uncertainties in that regard. If regulatory bodies smell
an issue with it, it could go the way of Googles Privacy Sandbox (or meet an even worse fate), and even after that Google might lose faith in it for some unrelated reason - remember Google Plus ? YOU MIGHT ALSO LIKE... Google
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Link to news story: https://www.techradar.com/computing/browsers/google-is-developing-a-new-web-mo netization-feature-for-chrome-that-could-really-change-the-way-we-pay-for-thin gs-online


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