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How Micropayments Can Drive the Future of the Nigerian Economy
One important aspect of micropayments is the fact that people define them differently. Micropayments are generally considered financial transactions involving very small amounts. Globally, micropayments are transactions under $12 USD. According to techtarget.com, micropayments are e-commerce transactions in which very small sums of money are paid in exchange for something available online, such as application downloads, services, or web-based content.
Micropayments are too small to be processed by traditional credit/debit card systems. “Micropayments apply to anything too cheap to pay with a credit card,” said IBM’s Amir Herzberg.
A major challenge facing any viable application of micropayments is the need to keep the cost of processing individual transactions low. This is not practical when dealing with very small amounts typical of the nature of micropayment systems. There have been several attempts to make such systems financially viable for providers, such as the bill-to-phone model employed by companies such as Zong and Boku. Bill-to-phone enables a consumer to charge small transactions to his mobile phone, and he is sent a transaction code via SMS to complete the transaction. However, the sharing scheme that exists between micropayment platform providers and mobile his network his operators (MNOs) is not in favor of the providers. This is the main reason why adoption has been slow globally.
Micropayments are primarily used for online transactions in social community spaces on websites such as Facebook, where users can purchase virtual items in games such as Mobwars, Premier Football and Farmville. The foray of pay-per-view content into print media is very discouraging, as it simply directs users to another of her websites where the content is available for free.
Notable among micropayments standardization efforts is the W3C (World Wide Web Consortium) Micropayments Per Fee Specification. It contains common markup for micropayments pay-per-fee links and wallet handler descriptions. It handles all requests for services on a per-fee basis. However, adoption of the W3C specification has been hampered by different vendors implementing their own micropayments infrastructure.
As an emerging field, it has undergone several transformations, as articulated by Robert Parhony of the University of Twente in the Netherlands in his paper Second Generation Micropayment Systems: Lessons Learned. We predicted that the market for low-value products such as videos and the role of micropayment systems to sell such products is expected to grow significantly. He categorizes micropayments into his two generations, with the first emerging around his 1994, systems such as Millicent, eCash, and Cybercoin failing to gain market share, slowly emerging in the late 1990s. I erased. The second generation appeared from his 1999 to his 2000 and is still in operation.
He argued that most of the causes of failure were explained in the second generation, and that success was possible largely due to the way micropayment system operators (MPSOs) implemented technical and non-technical characteristics of micropayment systems. I think it’s much higher. Use of token or account-based platforms as a medium for value exchange, ease of use, anonymity, scalability, verification, security, interoperability, trust, coverage, privacy, prepaid or postpaid, and the extent of multi-currency support. Second generation micropayment systems include minitix, Bitpass, Wallie, PaySafe Card, WebCent, MicroMoney and SoftPay.
There have been several cases of fraud in Nigeria, especially for online payments using debit cards. The consumer is no longer satisfied with such payment methods and often asks himself whether it is worth exposing his personal information and completing low-value transactions on his web. Some people argue that charging for a small portion of a product or service reduces the need for security. In this context, security here is defined as the ratio of the security he cost to the protected value of the transaction. The above security challenges are revolutionary and revolutionary enough to give musicians a platform to sell music, software developers to small applications, photographers to photos, and all other content providers to have fast media. Seeking new channels to complete low-value transactions. Convenient and easy to use without the limitations of traditional payment systems.
The earning potential is huge as it covers both banked and unbanked people. According to EFINA, most of the income is expected to come from unbanked people, with more than 64 million unbanked adults in Nigeria and a large share of the private sector. understands that Nigeria’s microfinance industry is making a profit estimated at 900 million Nigerian Nigeria. As of May 2009, unbanked money in circulation was estimated at 1.2 trillion naira. This number is increasing and platforms such as micropayments will help strengthen the financial system if used as a tool to bring such money into the mainstream economy.
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