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Abstract

A micropayment system and method is presented for a payor U to establish payment to payee M for a transaction T, which typically has a very low value T.sub.v. The micropayment scheme minimizes the bank's processing costs, while at the same time climinating the need for users and merchants to interact in order to determine whether a given micropayment should be selected for payment. In one embodiment, the micropayment scheme includes time constraints, which require that an electronic check C for the transaction T be presented to a bank B for payment within a predetermined time/date interval. In another embodiment, the micropayment scheme includes a selective deposit protocol, which guarantees that a user is never charged in excess of what he actually spends, even within a probabilistic framework. In another embodiment, the micropayment scheme includes a deferred selection protocol, which provides the bank with control and flexibility over the payment selection process.

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First Claim