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Lottery Tickets Versus Micro Payment Systems

The main difference between lottery ticket and tokens a token as a payment scheme is that the token has a pre-arranged amount, while the lottery ticket has a larger possible amount, but less possibilities of actually being paid a certain value. Hence, the projected value of the lottery ticket can become similar to a token by selecting a suitable value and possibilities.

In congruence with the law of averages, the higher the amount of payments from lottery tickets, the greater is the possibility of the real value equaling the projected value. Therefore, from a statistical point of view, the distinction between a lottery ticket and a token is that tokens are deterministic while the lottery ticket is the opposite with a margin for error.

The benefit of a lottery ticket over a token involves the bank processing requirements of the bank. Hence, this is a kind of non-deterministic approach: when the common lottery ticket has one in a thousand possibilities of paying off, every cash transaction will be worth one thousand times greater than an equally-valued token, and there will be close to nearly a thousandth the total amount of every transaction. In cases when every transaction is charged accordingly, the lottery ticket system diminishes the overhead cost of the transaction by a factor of a thousand, at the cost of putting a margin of error into the actual cost of money switching hands.

One must recognize that other micro payment methods, like pay word, are themselves summarized to some point. A pay word chain could simply be a thousand words amounting to a cent each, and could be extinguished until such time that the retailer exchanged it for cash. The chain is not required to be totally consumed at this point, so the expected amount is below the full ten dollars, but it's only the system of "exchanging" that is considered as a bank transaction.

When a pay word chain is good for a month, then there is no gain in the lottery ticket system related to pay word when a usual monthly settlement by a user will be greater than the total value of a lottery ticket. It is quite obvious at this time that the presumed benefits of lottery tickets over deterministic systems like the pay word are pretty minimal, except under special conditions. Lottery tickets can function without an intermediary, and with reduced payment points, but without these circumstances their benefits disappear quickly.

Aside from that, there is almost an undoubtedly significant social obstacle that is totally unforeseen: the basic reality that most people have been used to money as a deterministic system. The average man in the street asked to utilize a lottery-based scheme would find it rather awkward. It's hard to measure this disagreement, but that is the fact. A sensible micro payment scheme must attract a large enough population of both retailers and end-users so much so that it will be followed.