Digital accumulating balance payment systems are more like utility bills. This system allows users to make multiple purchases, which will be totaled up and billed for at the end of a time period.
This is ideal for micro-transactions heavy websites, where numerous cheap items are purchased frequently. The micro-payment system uses a technology similar to the digital wallet, where the customer transfers some money into the online stored value system and uses it to pay for digital products.
Many vendors are involved in micro-payment systems, as it can be used for transactions by
- Banks
- Internet Service Providers (ISPs)
- Telecommunications
- Content providers
- Premium search engines
Premium search engines. For example, it would be a hassle to bill a customer for each $0.99 track that he/she purchases when using Apple’s iTunes as one typically purchases many tracks and apps a month. A digital accumulating balance payment system hence creates less inconvenience for its users.
Fun Facts#8 Vodafone is one of the world's top users of DAB payment systems
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[email protected] Done By: Gobardja Ian U098473L Kua Li En A0070291M Nicholas Chen A0072340U Justin Tan A0072547B |