Cash Management by Micropayment
By Lenard Jessie
Payment is a thing and its value is equal to money. It can be used to exchange from one party to another not only money and also like goods, services, etc. These payments will fulfil the legal authorities. If one person or party making a payment, then it is called as payer and the other person or party receiving the payment called the payee.
In the world, there are only two types of payment methods. The first one us exchanging and the second one is provisioning. In the first method, it involves coins, money, and banknotes. In another method, it involves money transfer and third party involvement. In these methods, there is also another method called electronic payments (e-payment) and micropayment (m-payment). Credit, debit cards are involved in electronic payments. It can be done with the help of smart cards, magnetic tapes, mobile, etc. Micropayment 소액결제현금화 is a process that involves only a small amount of money and it occurs only in online. It introduced or developed in the mid-1990s, at the time it was unpopular. But the second version of micropayment was introduced in the 2010s. This method involves only a small amount of money so the system allows transactions less than $1. It has slight drawbacks if a person in emergencies at the time the low amount of transaction leads to impractical and each transaction has fees and it was a few cents. The word micropayment was termed by Ted Nelson and is invented before the World Wide Web. At the time, these payment methods have many copyholders. It leads to many issues and problems around that payment method. In the Web, micropayment was allowed to sell much online content at very less network cost. It also cost fees for all transactions involved in online. The fees for each transaction were $0.0001. It also encourages people to sell content on the internet and that was additional revenue for people. In the late 1990s, micropayment becomes standard in the world’s market and W3C worried to improve the payment on another level. They suggest embedding payment-requested to overcome the Http error codes. After some years, W3C stopped working in this area and the payment method also stops to advertise or sell the content on the internet.
Researchers:
IBM and Compaq Company have microtransaction in the late 1990s. Worldwide Web Consortium made research in micropayment at Carnegie Mellon. IBM made an operation to allow the vendor or merchant to sell content, service on the internet at very less cost. A micropayment is also involved in online games to sell virtual goods. In gaming, persons bought services or offer real money with the help of micropayment only. The Most common payment system in the world’s market is PayPal. This PayPal also use a micropayment method to make microtransaction easily and they also make a charge for every transaction to each user, it only allows transaction below $12. In 2013 this service provider s allowed only fir selected currency. The world’s economy country like the USA also charges for each transaction and the fees were five cents to all users. This method will not be used in emergencies because the amount of transaction is less very low. It can be used only for temporary purposes.
