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Foreign Exchange

Review of developments in payment systems 2010: Online micropayments

One of the major benefits of the internet is that its content, for the most part, is free. But this can be a major problem for companies not generating enough revenue to continue to give away information, which include not only newspapers and publishers but also pharmaceutical and other companies needing to charge for the advice they offer on their websites if they are to continue to provide the service. A cost-effective way of collecting low value payments of $1 or less on the internet is urgently required.

There are several problems with these so-called micro-payments. The cost of clearing and settling a payment never really falls below 20 cents, which is far too high for a payment of $1 or less.

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