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Micro-payment systems

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Choose one of the micro-payment systems (see e.g., http://en.wikipedia.org/wiki/Micropayment) or micro-credit system (see, e.g., http://en.wikipedia.org/wiki/Microcredit), try to describe how it works briefly. Discuss its security.

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Choose one of the micro-payment systems (see e.g., http://en.wikipedia.org/wiki/Micropayment) or micro-credit system (see, e.g., http://en.wikipedia.org/wiki/Microcredit); try to describe how it works briefly. Discuss its security. Since we need to spend more time on project, one or two paragraphs of submission to this Assignment is enough.

Micropayments are means for transferring very small amounts of money, in situations where collecting such small amounts of money with the usual payment systems is impractical, or very expensive, in terms of the amount of money being collected. Micropayments present a relatively recent innovation in the online revenue stream. The basis of micropayments would be to maintain and take advantage of the very high volume of viewers by offering content for a very low price. For example, an author would make his online book available for 40¢ (USD).

With the launch of the ...

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