Mobile payment systems in Malaysia: Its potentials and consumers’ adoption strategies.
Thursday, June 26, 2008
Have you ever been thinking about using your mobile phone to pay your water, electricity bills and etc? Do you know that your mobile phone can use as credit card to buy goods? Well, these concepts already become a reality where you can use you mobile phone to make payment very easily.
In Malaysia, Mobile Money International Sdn Bhd launched the MM Wallet which enables users to conduct transactions via short messaging service (SMS) by personal identification number (PIN) authorization using a mobile phone. You can visit this website for more details: http://www.neowave.com.my/mobilemoney_overview.asp .
Using mobile money is secure, convenient and secure. How this payment is made using the mobile phone? In order to pay using Mobile Money, a shopper must have 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. The shopper will be billed by the bank accordingly by month's end. In addition, it functions as a Debit Card if it is tied to shopper's savings or current account. The amount will be deducted instantly from the account upon successful transaction. This is the screenshot where step-by-step the payment was made: http://www.neowave.com.my/mobilemoney_screenshots.asp
Although this payment in Malaysia not so popular, but it has potential that many people will start using this system to pay their bills, in the future, many people will use this payment method to do transactions instead of go outside.
