The term was coined by Ted Nelson, long before the invention of the World Wide Web. Initially this was conceived as a way to pay the various copyright holders of a compound work. Micropayments, on the Web, were initially devised as a way of allowing the sale of online Content (media and publishing) and as a way to pay for very low cost network services - wikipedia 
They were envisioned to involve small fractions of a cent, as little as US$0.0001 to a few cents. Micropayments would enable people to sell content on the Internet and would be an alternative to advertising revenue.
During the late 1990s, there was a movement to create microtransaction Technical standard, and the World Wide Web Consortium (W3C) worked on incorporating micropayments into HTML even going as far as to suggest the embedding of payment-request information in List of HTTP status codes.
The W3C has since stopped its efforts in this area, and micropayments have not become a widely used method of selling content over the Internet.
# Web Monetization
The Web Monetization API is a recent intitiative by that allows websites to request small payments from users facilitated by the browser and the user's Web Monetization provider. This specification is a work in progress within the community on the best shape it should take. Please see the explainer for more info- webmonetization.org
The ability to transfer money has been a long-standing omission from the web platform. As a result, the web suffers from a flood of advertising and corrupt business models. Web Monetization provides an open, native, efficient, and automatic way to compensate creators, pay for API calls, and support crucial web infrastructure- webmonetization.org
- Web Monetization - webmonetization.org
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