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Definitions of pay-as-you-go:
  • noun:   (economics) A financial policy by which capital projects are financed from current revenue in the operating budget rather than through borrowing.
  • noun:   (Britain) A payment method where the charge of a service is taken automatically, usually in small amounts, after the usage, in contrast of paying before usage. Used especially of mobile phones and transport ticketing.

(Definitions from Wiktionary)

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