What is Microtransaction (MTX)?

A microtransaction (often abbreviated as MTX) allows users to purchase goods via micropayments, often in a custom store interface within apps where in-game items are being sold. As examples, Apple's App Store calls them "in-app purchases" and Google refers to them as "in-app billing." While microtransactions are particularly common within the mobile gaming sector, they are also employed in a number of other online environments. Microtransactions are also very similar to micropayments (a term more commonly used outside of the gaming context). Both terms denote small purchases by a customer in an online environment.