Quote:
Originally posted by Tony Shepps
... Why haven't any models come about that support what people really want? ...[/i]
...
Will anybody ever really get paid for it?
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All Internet transactions have been developed / conducted without the cooperation of the banking (financial) community. They don't stifle it but make no effort to become part of or promote it either.
Banks fear innovation. They feared bank cards until demands for Diner's Club, American Express, and later Visa and Master Card all but forced banks to join. They feared ATMs - keeping them out of America for ten years after they were routine in Europe. They now fear Smart Cards using the same rediculous studies that proved in the 1950s/60s that Americans did not want credit cards. IOW banking is dominated by classic MBA mentality. They want increased profit but refuse to develop or risk new business methods. That is communism. Banks have it too easy. There is no such thing as a hungry banker (no wonder they are typically portrayed so fat).
In the mid 1990s, banks praised a new technology that had sharply reduced costs. Something banks considered revolutionary. A technology that was already 20 years old in most other industries. Banks discovered networking - although still most bank employees (except upper management) cannot even send or receive e-mail today.
Without cooperation of the banking community, then no fee based service can survive outside of monthly subscriptions. All other transactons become too complex or too expensive. With only credit cards transactions, then profitable web businesses remain stifled.
Credit card based transactions were a savior for web businesses. Credit card transactions occur without bank promotion. Internet banking is discouraged even though it would lower a bank's costs. Banks fear new commercial methods. Banks fear to innovate.
The original question begs, "why is a ten cent transaction not practical?" We have no easy way to make that payment. How do you do small transactions on the web? You can't use cash or checks. Credit cards mean that transactions must start at $20+. Commercial banking practices are killing the web.