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How Micropayments Can Drive the Future of the Nigerian Economy

One important aspect of micro wages is that its definition varies from person to person. In general, micro payments are considered as financial transactions involving very small amounts of money. Globally, micropayments refer to transactions of less than 12 USD. According to techtarget.com, micropayments are an e-commerce transaction that involves a very small amount in exchange for something provided online, such as downloading an application, service or Web-based content.

Micropayments are too small to process with a traditional credit/debit card system. Amir Herzberg of IBM describes “Micropayments for anything that is too cheap to pay for with a credit card.”

The main problem facing the possible application of micropayments is the need to keep the costs for processing individual transactions low, which is not practical when dealing with very small amounts which is typical of the nature of the micropayment system. . Many attempts have been made to make such systems financially viable for providers, such as the phone billing model used by companies like Zong and Boku. Bill to Phone ensures that customers can make low value transactions on their mobile phone and a transaction code is sent to them via SMS to complete the transaction. However, the sharing formula that exists between micropayment platform providers and Mobile Network Operators (MNOs) is largely inconsistent with providers, which has been the main reason for slow global adoption.

Mostly, micro coins have been used for online transactions in the social community space on sites like Facebook where users can buy virtual items in games like mobwars, premier soccer and Farmville to name a few. It has become very frustrating for a paid content to see paid print because users simply go to another site where they can get the content for free.

Micropayments has its share of standardization efforts, prominent among these efforts is the W3C (World Wide Web Consortium) Micropayments for Payments specification, which is a Common Mark for Micropayment Pay-Per-Fees Links as well as a supporting definition. includes a wallet. which serves all requests for a per-fee service. However, because vendors implement different proprietary micro-payment infrastructure, this prevented the W3C specification from being adopted.

As a nascent field, it has undergone some metamorphosis which is clearly described by Robert Parhonyi of the University of Twente in the Netherlands in his article “Second Generation Microfinance Systems: Lessons Learned”. He predicted that the market for low-value products such as online music and videos and the role of micropayment systems for selling such products is expected to grow significantly. He divided micropayments into 2 generations in which the first generation appeared around 1994, with systems like Millicent, eCash and cybercoin failing to gain market share and gradually disappearing in the late 1990s . The 2nd generation was released between 1999-2000 and is still working.

He believes that most of the reasons for failure have been accounted for in the second generation and have a much better chance of being successful, mainly because of the way Micropayment System Operators (MPSOs) have implemented the technical and non-technical features of micropayment systems. use of token or account-based platforms as a means of value exchange, Ease of use, Anonymity, scalability, Verification, security, consistency, reliability, coverage, privacy, pre-payment or post-payment and range of multi-currency support. Some of the 2nd generation micropayment systems include minitix, Bitpass, Wallie, PaySafe Card, WebCent, MicroMoney and SoftPay.

In Nigeria, online payments have been plagued by many cases of fraud especially through the use of debit cards. Customers are no longer comfortable with such a payment method and often ask themselves if it is worth revealing private information to reduce the transaction on the web for low value transactions. Some argue that billing for small portions of a product or service reduces the need for security. In this context, security is defined as the ratio of the cost of the security to the protected value of the transaction. The security issues above call for a new channel to enable low-cost transactions that is radical and innovative enough to provide a platform for musicians to sell their music, software developers their small apps, photographers their photos and all providers. provide content in a fast way, without the limitations of traditional payment systems that are simple and easy to use.

The earning potential is huge as it includes both banked and unbanked people. According to EFINA most of the revenue is expected to come from the unbanked where there are over 64 million Nigerian adults who have never been banked, and the private sector realizes that the estimated NGN900 million Nigerian microfinance industry is profitable. Unbanked money in circulation is estimated to be 1.2 Trillion NGN as of May 2009, this figure is growing and will serve to strengthen the financial system if platforms such as micro-payments are used as a tool to transfer funds. so navigate through the mainstream economy.

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