Consumers establish a wallet provider and install a browser extension (for now, until the standard is formally adopted). When a Web Monetization HTML tag is encountered, the browser starts streaming micropayments every second while you are engaging with the content.
Content creators can then do things like grant access/remove the paywall, not load/remove ads, or offer bonus features.
Today, GQ, Wired, and ~1,000 other sites are experimenting with the Web Monetization API. The only wallet provider right now is Coil, but the protocol is well defined and ready for other players.
References: - https://webmonetization.org/ - https://coil.com/ - https://mobile.twitter.com/WebMotized