Dropp, a cost-effective digital micropayment transaction platform, has officially launched on the Hedera Hashgraph blockchain. According to a Hedera blog post published on 4 August, Dropp will offer businesses a micropayment option that enables small value purchases with low fees. While the cost of the transactions on Dropp is yet to be announced, the company said the fees will be “on average 15 times cheaper than most payment solutions.”
The technology behind Dropp will enable purchasing options such as pay-per-use and micro-subscriptions, providing merchants with a new revenue stream. On the other hand, consumers will gain affordable access to products and services that would have previously been availably only through a monthly or yearly subscription.
Dropp will be able to facilitate payments both in government-issued currencies such as the U.S. dollar and Hedera’s native token HBAR.
“Businesses need cost-effective payment options without having to pay cost-prohibitive merchant fees for transactions under $20, specifically under $5 dollars, and consumers are demanding ways to access products and services that may have been out of reach,” said Dropp CEO and Chairman Sushil Prabhu.
The platform’s advisory board has already brought together executives with expertise across various industries, including financial services, media, retail, and academia. Gregg Fienberg, the Executive Producer at HBO and Founder of CallPlease, said Dropp has immediate applications in the media business.
“This will help premium content reach a customer segment that is currently unreachable. It is great for streamers looking to generate trials from new consumers and as a subscriber acquisition and retention tool,” he explained.