Though making transactions through micropayment platforms hold numerous advantages like security, payment mode flexibility, anonymity, speed, convenience, reduced risks of credit card thefts, etc. but there are still some drawbacks of using micropayment platforms for making small payments to merchants eventually affecting the success of micropayment systems.
The first generation of micropayment systems was developed during the 1990s followed by a second generation in the 2010s. These days micropayment platforms have become very popular like PayPal, M-Coin, Swish, Flattr, etc.
The term micropayment as the name suggests is an online transaction method wherein small or micro payments are made in return for a product or service that is available online. When we talk about Virtual Wallets, it is virtually equivalent to a physical wallet however includes digital credit-card details and a digital signature to authenticate the wallet.
A micropayment system is an advanced mechanism of making financial transactions online involving very small amounts of the transactional amount for purchasing goods, products or services from a merchant site. It was first used in the year 1960 by Ted Nelson and a number of systems were then proposed down the line in the year 1990.
Setting out to build a SaaS product micro or not and no matter the scope and pain point being solved is still a massive undertaking for any entrepreneur. I wanted to journal the process of creating a software product for the digital age, and hopefully help other makers think through the process and possibly overcome any hurdles that may arise.
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