Micropayments
Small-value transactions facilitated by reduced fees and digital platforms.
Detailed Description
Micropayments
What are micropayments?
Micropayments are financial transactions involving very small sums of money, typically from a fraction of a cent to a few dollars.
What are common use cases for micropayments?
Common use cases include paying for individual media articles, in-game items in gaming, digital products like e-books, and online tipping systems.
What advantages do micropayments offer to consumers?
Micropayments enable consumers to pay only for what they use, increasing accessibility and fostering a flexible purchasing environment.
What challenges do micropayments face?
Challenges include high transaction fees, consumer hesitation regarding security, and a lack of familiarity with the concept.
What technologies support micropayment systems?
Technologies include digital wallets, blockchain, cryptocurrencies, and smart contracts that automate micropayment processes.