The Impact of Micropayments on Virtual Credit Payment Systems
A virtual credit card payment system involves using a virtual credit card (not your actual plastic card) for making payments for any type of online transactions. These virtual cards are basically randomly generated numbers as per your actual card also allowing you to set a maximum transactional amount for better protection. Along with the benefits of time limitations, payment limitations, protection, and security, there are numerous issues with the virtual credit card payment system that makes users reluctant to keep using it. Some of them include, restricted availability, can only be used for making transactions online and not for purchasing goods in a store so cannot be used everywhere you like, chances of fraud, considerable risks when using virtual credit cards for recurring payments.
But with the rising popularity of micropayments and a number of micropayment platforms since the year 2010, they have come out to be an amazing alternative solution to making online transactions securely. These days various micropayment platforms are available in the market to help you with purchasing goods and merchandise at incredibly lower prices like PayPal, M-Coin, Flattr, Jamatto, GNU Taler, etc. The following are some of the advantages you could experience by switching onto this alternative payments platform:
- Ease of use
- Ability to purchase low priced goods
- Anonymity while making transactions
- High speed and quicker transactions
Along with the ample number of benefits that can be achieved by using such platforms on a merchant’s site, micropayment systems can be easily integrated too using popular micropayment plugins like:
1. micropayment.io – Providing a new alternative revenue stream with no subscriptions, easy installation, amazing experience, simple registration and pay as you go model, micropayment.io plugin can help you achieve and utilize micropayment platforms very easily. For more details, please visit https://micropayment.io/.
2. CM MicroPayment Plugin: Developed by CreativeMinds, this plugin offers merchants the capability to provide virtual currency and virtual wallet experience to their customers. It supports high security and in-site transactions as well.
3. LaterPay: This model can help in making one one-click purchase easier and also provides users with the ability to use custom teasers to attract more viewers. LaterPay also follows an excellent payment security model and also offers dynamic pricing scheme.
4. MediaPass: Majorly suited for small organizations, MediaPass offers high mobile compatibility, ability to make single transactions and even subscription plans.
Ultimately microtransactions have had a hard time taking off due to a number of pressing issues but with the technology landscape changing and consumer behaviors adapting now maybe the time for micropayments to take center stage. If you run a WordPress site or Woocommerce store download the Micropayment.io plugin to start taking micropayments today.