x402 is emerging as the leading rail for micropayments, but it is not dominating the broader agent payments market, according to Para CEO Nitya Subramanian. The payments landscape is fragmenting by transaction size rather than converging around a single standard. Subramanian said the race for agent payments is splitting across use cases, with different rails serving different payment amounts. The view suggests micropayments may develop on specialized infrastructure instead of one dominant network handling every transaction type.