Micro-payment companies have not lived up to their early promise nor investements. Case in point today is the purchase of micro-payment stalwart Peppercoin by Chockstone. Chockstone sells customer loyalty marketing programs and stored value solutions, whereas Peppercoin sells card-based merchant loyalty software, the company said on Monday. Terms of the deal were not disclosed. Founded in 2001, Waltham, MA-based Peppercoin’s micropayment system was developed as a spin-off from the cryptographic and information security group at MIT. It has received about $15M in venture capital funding. Investors include Podholding and Wall Street Technology Partners.