Validating Applicability of Smart-M3 Platform for a Multi-vendor Micropayment System in the Context of Small Business

• Published in: Networked Digital Technologies pp. 46 - 53
• Main Authors: Rohunen, Anna, Eteläperä, Matti, Liukkunen, Kari, Chan, Kai Wen, Tulppo, Tero
• Format: Book Chapter
• Language: English
• Published: Berlin, Heidelberg Springer Berlin Heidelberg 2012
• Series: Communications in Computer and Information Science
• Subjects: electronic payment system; micropayment; multi-vendor; Smart- M3 platform
• ISBN: 9783642305665; 3642305660
• ISSN: 1865-0929; 1865-0937
• DOI: 10.1007/978-3-642-30567-2_5

To be economically feasible, micropayment systems are expected to be efficient, with low transaction and computing costs and light security protection. In addition, a micropayment system is a networked good involving both consumers and merchants subject to positive network effects: the value of the system to consumers depends on the number of merchants adopting the system and vice versa. The objective of this study was to implement a micropayment system pilot for small business with restricted resources, scarce labor force and growing number of products and vendors. Based on the results of a literature review conducted in this study, an account-based system was considered an appropriate starting point for the pilot. Further, applicability of Smart-M3 platform for the system was validated. The results of the study show that the implemented system provides small business with opportunities of additional services and products, cost savings, and inclusion of new vendors.