Exploring adoption of NetPay micro-payment: A simulation approach

With advances in technology sellers offer traditional goods and services on the internet. The payment systems developed for this reason was based on the credit cards or debit cards. Card providers charge sellers some amount based on the transactions. Therefore for some products or services with the low price, the charged amount is very high and not profitable for the sellers. For this reason, new payment systems are developed for transaction with low amount of money known as micropayments. These new systems are compared with traditional payment systems like credit cards and debit cards. One of the advantages of these new systems than credit cards is they are suitable for micro amount payment, E.g., reading online newspapers. These new systems cost lower than credit cards for vendors. Although many merchants still use traditional payments for micro payments but most of vendors recommend micropayment systems to customers. NetPay is one of the micro-payment systems. In this paper we evaluate the adoption of netpay micro-payment system through diffusion of innovation theory with simulation and mathematical approach.