The first generation of micropayment platforms were introduced during the 1990s but failed miserably to create the adequate impact. Since then there have been myths surrounding micropayments and micropayment platforms. The second generation got introduced during the 2010s with platforms like Flattr and successfully and efficiently helped consumers as well as merchants to process financial transactions involving micro payments easily as well as securely. Although Micropayment systems hold with them numerous advantages and benefits, still there are some myths revolving around their usage and efficiency which affects their popularity in the market eventually making consumers and merchants resistant to integrate them and widen their product base.
Some myths about micropayment systems that are certainly untrue are presented below:
1. Micropayment platforms are not user-friendly: A number of micropayment platforms have been introduced recently like PayPal, M-Coin, SatoshiPay, Swish, GNU Taler which along with holding the benefits of security, privacy, anonymity, etc. also are user-friendly and easy to use for consumers and merchants.
2. Micropayments do not focus on user preferences: This one is completely untrue because micropayments give you the choice to pay as you go, and micropayment systems offer you the choice to use virtual wallets and virtual currencies as well.
3. Transaction fees are very high: While true for some platforms, but with the latest blockchain methodology integration, a number of transactions can now be clubbed together to reduce the overall transaction fees of the online financial transaction which eventually supports the consumers by protecting them from paying high fees on low values products and services.
4. Integrating micropayment systems involves a lot of hassle and expertise: Well that may sound so as micropayment platforms have been in the cyber market successfully for about 8 years since the second generation got introduced but it is not true. With the introduction of plugins like micropayment.io, MediaPass, TinyPass, CM MicroPayment Plugins, LaterPay, etc., integrating micropayment platforms successfully has become quite easy, straightforward and quicker than ever.
5. Some transactions are so low valued to worry about: Well using micropayment systems is not at all a hassle and these platforms have the major purpose of making micropayments as small as a cent easily, efficiently and quickly with anonymity and privacy. So whatever your transaction is, whether a cent or a dollar, if the service that you are getting by making that payment is worth it then you should use micropayment platforms to make the transaction.