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06 July 2008
Mobile payment systems in Malaysia: Its potentials and consumers' adoption strategies
Posted by Creative E-com at 9:06 PMMobile payment system is an effective means of providing customers with admission or money off vouchers which can be coded or designed to allow viral spread. One of the mobile payment systems that available in Malaysia is Mobile Money. It is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn. Bhd. to deal with the limitations and bottlenecks created by cash, cheques and credit cards.
Mobile Money can advance the function of mobile phone to allow registered users to pay for goods and services at anytime, anywhere by using only a mobile phone coupled with a 6-digit security Personal Identification Number (PIN) via Short Messaging Service (SMS).
Mobile Money International Sdn Bhd is one of the biggest mobile payment service providers in Malaysia which implements the MM wallet and allows customers to send a payment request through an SMS text message by personal identification number (pin) authorization to pay their bills. Consumers can SMS-transfer money to anyone, anywhere, and anytime.
Mobile Money can advance the function of mobile phone to allow registered users to pay for goods and services at anytime, anywhere by using only a mobile phone coupled with a 6-digit security Personal Identification Number (PIN) via Short Messaging Service (SMS).
Mobile Money International Sdn Bhd is one of the biggest mobile payment service providers in Malaysia which implements the MM wallet and allows customers to send a payment request through an SMS text message by personal identification number (pin) authorization to pay their bills. Consumers can SMS-transfer money to anyone, anywhere, and anytime.
In Malaysia, with 25 million mobile phone subscribers, therefore there are immense opportunities to leverage on mobile phones to accelerate the migration to electronic payment. The higher the number of mobile phone subscribers, the higher rate of participation of the population in the banking system. With this favorable market condition, there are many mobile banking have been launched in recent years. However, by up to date information, there are only 1.8% mobile phone subscribers in Malaysia registered to the mobile baking and payment service. Therefore, there is a potentially lucrative market for mobile banking and payment services.
In conclusion, mobile payment system may seem to be attractive and beneficial based on above discussion. However, mobile payment system in Malaysia is not well established. Consequently, merchants’ involvements, as well as consumers’ supports are greatly appreciated and required to popularize mobile payment system.
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