Since the introduction of eCommerce, there have been numerous micropayment systems being introduced in the market to simplify the overall transaction process for buying products and services at economical prices. The first generation of micropayment platform was introduced during the 1990s but proved out to be unsuccessful during that era with the stronger and more efficient platforms being developed in the 2010s, making the entire micropayment transaction easier and more reliable for the consumers as well as the merchants.
Micropayments, as the name suggests, are low valued financial transactions for purchasing services and merchandise online from merchants’ sites. There are a number of reasons to convince you to start thinking about integrating a micropayment platform on your site as a merchant and using these platforms in place of the traditional payment systems as consumers.
Without further ado here are some of the reasons:
1. Alternative payment system: Using a micropayment system, you can now simply utilize the capabilities of virtual wallets to get the low valued services easily. Providing your customers with account credits to use on your website or in your e-commerce store.
2. Opportunity to expand business: As a merchant, with the availability and ease of integration of a micropayment platform, you can now expand your business to include merchandise of lower costs and make them available for your consumers.
3. More options to choose from: Just as merchants get the ability to widen their business, so do consumers by getting the opportunity to explore and purchase goods at rates as low as one cent efficiently.
4. Advantages of Blockchain payments: The only resistance of using micropayment platforms was the high transaction fees behind every small transaction but with the advancement in technology and the introduction of blockchains in micropayment platforms, a number of microtransactions can now be easily lumped together so that the overall transaction fees can be deeply reduced.
5. Anonymity: Along with high security, efficiency and ease of usage, micropayment platforms also offer a level of anonymity between the merchant and the consumer involved in the transactions to protect your privacy while making the transactions.
6. Pay-as-you-go model: For the consumers, this model is an incredible opportunity to pay only for the services they actually desire. It provides them the liberty and the flexibility to get charged only when they purchase an article or a service.