Mobile payment systems in Malaysia: Its potentials and consumers’ adoption strategies

MoBiLe PaYmEnT:
Mobile payment defined as the process of two parties exchanging financial value using a mobile device in return of goods and services.

Nowadays,the mobile payment become rapidly-adopting alternative payment method – especially in Asia and Europe. Instead of paying with cash, check or credit cards, a consumer can use a mobile phone to pay for wide range of services and digital or hard goods.Music, videos, ringtones, online game subscription or items, wallpapers and other digital goods are the examples of the items that can buy through mobile.

The potential for this market is quite big, because it is very convenient to use mobile payment and the users of the mobile users keep on increasing.

The mobile payment providers have a large market share to be grab on. This mobile payment is still new and developing in Malaysia. It has potential to continue to grow as consumer’s confidence on mobile payment increased. Mobile payment providers has most potential for growing

Mobile Money:

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. It unlocks the power of the mobile phone to make payments, allowing registered users 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 his/her mobile phone without being physically present at the store.

Strategies:
@..Educate consumers about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase), and tell them what is the benefits when using mobile payment.

@..Enchance security and confidence to mobile users. This is to provide more secure and safe services for those who use who use mobele payment.

@..Collaborate with more banks and companies to widen the ability to pay via mobile at the same time it helps to increased customer’s satisfaction and confidence.

@..Try to reach anyone,anytime and anywhere.The merchant can now sell to people across town, across the country and take payment around the clock, which is not possible with current payment systems.

@..Provide multi methods for users to make payment .Users can use an IVR, SMS, Mobile Money Website, or even real time Mobile Money Weblink API weblink to make payment.

related link:

http://en.wikipedia.org/wiki/Mobile_payment

http://www.neowave.com.my/mobilemoney_overview.asp