How Micropayment Methods Provide Answers to Virtual Credit Systems?

The virtual credit system has been very popular amongst customers since quite some time now. These cards are not your actual physical cards and are also not physically issued by any credit card service provider. This is basically a kind of service provided free of cost to the customers who issue a card from the respective service providers in which a one-time-use virtual credit card number associated with the actual credit card is provided to be used for purchasing services and goods on merchant sites. These virtual credit card numbers are very secure and can never be traced back to identify the identity of the consumer hence providing security and privacy with ease of use. But it has various limitations too like there is a minimum and maximum credit limit for each transaction that is processed per day, there is a specific validity period, limitations on the number of transactions per virtual card, etc. Also, in case of purchasing products physically from a store, virtual cards are basically useless.

To answer all these issues with a virtual credit system, service providers came up with the solution of micropayment platforms. With such systems, as consumers, you get the capability to make financial transactions involving few dollars or even cents without the restriction of minimum or maximum transactional amount eventually giving you the flexibility to purchase low valued services very easily and quickly. At the same time for the merchants, micropayment platforms provide the opportunity to expand and enhance their range of products to include goods which may be priced very low as compared to other products. Also unlike virtual credit cards, micropayment platforms do not restrain customers from buying any services by defining limitations on the number of transactions, transactional amount, or an expiry period. They offer numerous benefits to the users like anonymity, privacy, high security, ease of usage, quicker transactions, flexibility, ease of integration in websites, etc. Also, now by using the blockchain protocol, the transactional amount on each of the microtransactions have been proved to get incredibly reduced eventually relieving customers from the overhead of paying a huge transaction fee for a micro transaction.

Micropayment platforms have been in the market since the year 1990 and have gained an astonishing amount of popularity since 2010. With the benefits it offers to the consumers as well as the merchants, it is high time for you to buckle up, integrate micropayment platforms easily by the plugins available online and start using them.

The post How Micropayment Methods Provide Answers to Virtual Credit Systems? appeared first on The Micropayment Blog.

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Author: Charles Jening

My name is Charles Jening a Chartered public finance accountant. I am ensuring the effective operation of accounting and financial activities in public sector organizations. And making financial decisions and advising key bodies and individuals, such as management boards and budget holders, using financial management information.

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