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SPP BIP 70: Authored by Gavin Andresen and Mike Hearn to make payments faster and more secure: “enabling both a better customer experience and better security against man-in-the-middle attacks on the payment process.”

Protocol: “The payment protocol consists of three messages; PaymentRequest, Payment, and PaymentACK, and begins with the customer somehow indicating that they are ready to pay and the merchant’s server responding with a PaymentRequest message:”

Potential Benefits:

  1. Addresses: user wallets can auto send SPP to a URL and retrieve an address w/ the proper amount (i.e buffer against typos).
  2. Broadcasting: SPP sends transaction copy to a server and is verified for re-broadcasting – (i.e. reduces wait time for acceptance- merchants don’t have to wait for confirmations)
  3. Refunds: user won’t have to contact the client to refund at the correct address (refunds can be issued to an already verified address). Example: over-payments and merchandise issues.

Ref:
https://github.com/bitcoin/bips/blob/master/bip-0070.mediawiki
https://bitcointalk.org/index.php?topic=300809.0

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