ReMoneta micro-payments will create a completely new industryImagine you can read a newspaper article for only 0.1 cents just to try it out. Imagine in your favourite game you can buy new skins, tools and/or diamonds for only 0.01 cents a piece. What about giving your child 1 dollar split into 100,000 units, so he can have endless fun buying small items in that game and it doesn’t cost you the earth? Imagine your favourite streaming TV subscription service would charge you 0.02 cents per second of a film or series so you have total flexibility what you watch and what you pay for?
Opportunities for micro-payments are endless and the above few examples are only the tip of the iceberg of the many and varied possibilities and business models which open up.
In many industries and especially in IT and entertainment related services, product costs are largely fixed. The cost to consume or read one new Financial Times article online is essentially zero. Adding one more user to your new game app is also close to zero.
Ultra low cost and flexible pay-on-demand pricing is great for the consumer.
It is also great for the retailer and the manufacturer. The goal of a producer (app developer, retailer) is to choose a product pricing strategy in a way that is most effective. Micro-pricing provides huge flexibility and may thus become an incremental part of an overall business strategy — pricing individual products, attracting new clients, providing effective limited trial periods, creating effective loyalty strategies, targeting lower income customer segments, creating many new products out of existing products, differentiating country offers, etc.
Moreover, micro-payments can help to overcome an important psychological barrier for both the buyer and seller, turning free trial users into micro-payment clients. Even if the price is only 1 cent or 0.1 cents — the buyer will likely not mind and the seller can earn an income that he otherwise would not have received. That’s beneficial for everyone. When that can be scaled to millions of micro-purchases per day, across hundreds or thousands of newly defined products— a 1 cent purchase can turn into a new income stream.
Three things are critical for micro-payments to work — zero transaction costs, sufficient speed of transfer, and stability of the currency. Solving these things opens a whole new range of opportunities, marketing and pricing strategies to effectively monetise a business while making customers happy with small cost purchases.
With ReMoneta you will be able to do it.
Below I add just a few more examples with great potential:
- Copyrights
- Ads
- Crowdfinancing/purchases
- Donations
If you have other good ideas where to use micropayments and ReMoneta, come and share your ideas with us on t.me/ReMoneta.
ReMoneta — Lets change the world.
https://medium.com/remoneta/remoneta-micro-payments-will-create-a-completely-new-industry-ba7f7d3af0ed
