Payments as small as a fraction of a cent that is involved in some kind of an online transaction for receiving goods or services can be considered as micropayments. Coined by Ted Nelson, a number of payment platforms were introduced in the mid-1990s to support such kind of microtransactions. Though unsuccessful during that period, micropayment systems again emerged as an alternative mode of making payment online during the 2010s and have been going strong since then.
With digital wallets or virtual wallets, you get the flexibility and ease of making online transactions directly without the need to every time fill out the required details for a successful transaction. When it comes to designing a friendly virtual wallet, then a micropayments plugin comes into the picture. A micropayments plugin is an easy and effective way to create a customizable and hassle-free wallet to be used for your applications.
Coming back to the question: “How micropayments can help in creating a friendly virtual wallet?”
By using a micropayments plugin, you can achieve the following advantages:
1. The ability to rename the virtual currency: First and foremost requirement of creating a virtual wallet for your enterprise is the ability to rename the virtual currency of the wallet as you desire. Unlike some other wallets, a micropayment plugin when used does give you the capability to have a virtual currency with the chosen name that you desire.
2. Introducing the capability of providing store credit to customers: With a micropayments plugin, you also get the ability to provide customized digital points in the form of store credit to the customers eventually giving them a sense of security in case they don’t like the goods purchased. In such a scenario, they can use this store credit to buy some other merchandise the next time they are online in other websites with the plugin installed.
3. Renaming the virtual wallet: Not only does a micropayments plugin give you the ability to rename your virtual currency or implement store credit but also gives you the choice to brand your virtual wallet altogether at a very economic price.
To summarise it all, Micropayments can help you to create a very friendly virtual wallet, with your desired visual wallet name as well as virtual currency eventually helping you to provide an amazing view to your customers and method to get involved in micro transactions with your organisation as well as use digital points earned to utilise during checkouts hence providing an overall user friendly experience.