This is such a hard problem. The very much not a secret secret of consumer payments is that all actions that people take are reversible.
Things that are not reversible tend to not be as consumer friendly. This means things like Bitcoin and wire transfers. The problem when things are not reversible is an account can get hacked or you can be given incorrect wire instructions and lose a bunch of money and have no way to get it back.
People love credit cards and similar products because there is a way to get your money back. In case you were defrauded in some way. Most systems have a chargeback mechanism of some kind.
If you start building a system that supports micro payments, the cost of running such a service scales with the number of payments going through it. Such a system needs ongoing support to deal with chargebacks and fraud. And the people running a system need a way to make money. They can't just lose money on the operational support that comes with dealing with chargebacks and fraud.
Oh, I read it. I'm saying that building a system that supports microtransactions that are reversible is cost prohibitive due to the customer service aspect required. If someone could pull it off, it would be a game changer. I believe many people want to do this, but no one has been successful yet.
I point out Bitcoin as it is non-reversible, and there is no central agency you can complain to if you get your bitcoins stolen. This prevent adoption from much of the public.
Things that are not reversible tend to not be as consumer friendly. This means things like Bitcoin and wire transfers. The problem when things are not reversible is an account can get hacked or you can be given incorrect wire instructions and lose a bunch of money and have no way to get it back.
People love credit cards and similar products because there is a way to get your money back. In case you were defrauded in some way. Most systems have a chargeback mechanism of some kind.
If you start building a system that supports micro payments, the cost of running such a service scales with the number of payments going through it. Such a system needs ongoing support to deal with chargebacks and fraud. And the people running a system need a way to make money. They can't just lose money on the operational support that comes with dealing with chargebacks and fraud.