Mobile payment systems in Malaysia: Its potentials and consumer's adoption strategies
Posted by memories
Mobile payment (M-payment) is the payment that made through a mobile device, such as cellular telephone, a smartphone and personal digital assistant(PDA). Using m-payment, a person with a wireless device could pay for items in a store or settle a restaurant bill without interacting with any staff member.The earliest m-payment trials were based on the wide area network (WAN) used for cellular phones. User had to pay cell phone charges in order to make payment. M-payment is already being used in some parts of the world, including Europe and Asia. In Malaysia, Mobile Money or MM wallet is the one of the famous mobile payment.
Mobile Money is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn Bhd to address the limitations and bottlenecks created by cash, cheques and credit cards. MM wallet allowing registered user to pay for goods and services at anytime, anywhere using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service). This gives the freedom to shoppers to buy products online and pay the merchant using their mobile phone without being physically present at the store.
Mobile Money will encourage more consumers to shop online. This will definitely be a great boon to the e-commerce industry in Malaysia. It will surely encourage more merchants to adopt online selling as an extra sales channel which complement perfectly with their offline sales channel to help them sell more of their goods and services. Realizing these needs of merchants in Malaysia, Mobile Money are the 1'st shopping cart software provider who has integrated Mobile Money as a payment method in their webshaper e-commerce software. This feature allows merchants to accept payment via Mobile Money and process the payment in real time within clicks!In order to pay using Mobile Money, a shopper must have either a savings, current or credit card account with participating banks. It functions like a Credit Card if a shopper applies for a "Pay by Mobile Phone" credit card account like Hong leong Mobile Credit Card. The shopper will be billed by the bank accordinly by month's end. The amount will be deducated instantly from the account upon successful transaction.
Refer to: http://www.mobile-money.com/
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