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I think about this all the time too. The problem is that the payment industry is a) heavily regulated and b) has monopoly from the likes of Mastercards and the
by codegeek 6y ago
I think about this all the time too.
The problem is that the payment industry is a) heavily regulated and b) has monopoly from the likes of Mastercards and the Visas.
In order for Micro payments to succeed, someone (probably a well funded and connected team) has to figure out how to break through the 2 points and only then there is a chance.
This is one of those problems that even though would need software but is more of a "tech enabled" business. Sure we can code an MVP to take "micro payments" quickly but how will they be processed ? If it goes through the usual processors, it doesn't make financial sense and then you have the regulatory stuff to mitigate fraud and money laundering.
It is also a chicken and egg problem. In order for this to work even if you get past my 2 points above, you need to partner with content providers and get all of them to use your centralized service. Sounds great for the consumer (kinda like google pay?) but may not be great for the provider as they are not limited to a centralized aka "I get to dictate" provider.
If anyone is up to solve this, hit me up for brainstorming. This is a billion dollar idea (not joking) but is not something that can be solved bootstrapped unfortunately. This is one of those problems which needs significant VC funding to put together a bunch of connected people and make things happen.