Earlier quoted context omitted.
Are you looking forward to it as a consumer or a business? I think it will be great for businesses that are struggling with revenue due to the internet. Newspapers that don't have paywalls are going to re-evaluate considering that paywalls could now feasibly have a "day pass" option. Even sites like Reddit could adopt this model. Could get a bit more annoying for consumers, though; constantly making purchase decision…
First i have to pay up to 5% to receive the money, then I have to pay 5% again to get the money out of the platform. And if that wasn't enough, my purchase info and metadata is then sold to Google and Facebook. Now Facebook will get that for free and in return they can afford zero fees. With micro transactions the fees can be 90% of the total. With all social data Facebook has it will also be easier to deal with frau…
If you pay a merchant for something but they don't deliver on it, is your expectation that you would still get your money back in this fee-free system?
I'll be pleased to see effective micro-transactions from the perspective of running a business. I think it will open up some exciting new categories of businesses that may not have been feasible before.
I'm a little bit skeptical about whether consumers have realistic expectations on this, though. I think consumers have an expectation of being able to seek recourse for a transaction they were not happy about, but that is something that someone needs to fund.
It can also be that there would be no fees and no recourse, with merchants living and dying on their reputation, but in this case there would be certain transactions where consumers will still strongly prefer the existing systems, I think.