This post is originally published in TNT- The Next Tech
Micropayments, as the name suggests, are transactions involving small amounts of money – ranging from less than a cent to around five to 20 US dollars, usually done electronically. Micropayments are an integral part of today’s subscription services and in-app payments.
It is not a new idea. The concept has existed since the nineties. The first generation micropayments that date back to mid-late nineties failed to produce any tangible results. Second generation micropayments have evolved since 2010 with the advent of online subscription services.
However, many factors, technological and economical, have hindered its widespread adoption. But, the dawn of Blockchain technology and the growing adoption of crypto and digital currencies have solved many of the longstanding issues with micropayments, leading to its increased acceptance.