I am in the midst of reading a new (& well written) whitepaper on Mobile Payments from the Smart Card Alliance.
I came across this defition of transaction sizes; "2.4.1.2 Transaction Size
Transaction size affects the choice of mobile payment technology and approach. Mobile payments typically fit into one of two transaction size categories. Micropayments (less than $10-$25) are typical for paying for ring tones, music, parking, transit, coffee, and items in convenience stores. Macropayments (over $25) are typical for all other transactions, such as person-to-person domestic and international remittances, charitable donations, Web site purchases, bill payment and retail POS."
I see things here a little differently. I have always thought of micropayments as $1-$2 in size, minipayments as $3-$7 and normal or as they say macropayments as $8+.
What are your thoughts?
2 comments:
So what are payments that run just a few pennies called?
Incidentally, Bitcoin works as a micropayments, macropayments, etc. A transaction can be a couple pennies or a couple thousand dollars worth, with the same fee (fraction of a penny).
Those would also be micro but are so rare I did not bother to include.
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