As the world keep move forward to global economy was resulted in fundamental changed in our live. In order to compete with others country, Malaysia was adopted a new payment service method, which called as mobile payment system. Its aims to changes the way of consumers buy and pay in Malaysia.
The first mobile payment system was launched at 21st November 2001. The other great news is the world's first contactless mobile payment service has been launched in Malaysia, according to Malaysian mobile operator Maxis Communications (Maxis), together with partners Nokia, Visa, Maybank and Touch ‘n Go. It is definitely a great opportunity for mobile payment system to growth successfully in Malaysia as rapidly increasing in number of Malaysian using their mobile phone for accessing information at their convenient.
M-payment (mobile payment) is a point-of-sale or transaction of money payment made through a mobile device, such as cellular telephone, Smartphone, personal digital assistant (PDA) or others devices. Instead of paying with cash, check or credit cards, and even physically present to merchant outlet, a consumer can use a mobile phone to pay for wide range of services and digital or physical goods.
There are few types of transaction can be made via mobile devices are premium SMS based transactions, direct mobile billing, mobile web payment (WAP) and Contactless Near Field communication. The most common transaction that used by Malaysia citizen is Premiun SMS transaction and WAP. Normally they use to download wallpaper, music, ringtones and mobile games by buying them through mobile payment.
Some of the examples of mobile payments available in Malaysia are mobileExec, mobile money, Maxis and Celcom which also launch with the same concept of making payment transactions through a mobile device.
Mobile Money International Sdn.Bhd, one of the examples of Mobile payment system in Malaysia, which implements the MM wallet and allows customers to send a payment request via an SMS text message with personal identification number (security pin) authorization. In another word, it provide greater freedom and convenient to consumers to purchase and payment by online.
Potentials
Mobile payment system's adoption in Malaysia has been seemingly increased throughout the years. This system is widely used in Malaysia due to the following advantages:
The first mobile payment system was launched at 21st November 2001. The other great news is the world's first contactless mobile payment service has been launched in Malaysia, according to Malaysian mobile operator Maxis Communications (Maxis), together with partners Nokia, Visa, Maybank and Touch ‘n Go. It is definitely a great opportunity for mobile payment system to growth successfully in Malaysia as rapidly increasing in number of Malaysian using their mobile phone for accessing information at their convenient.
M-payment (mobile payment) is a point-of-sale or transaction of money payment made through a mobile device, such as cellular telephone, Smartphone, personal digital assistant (PDA) or others devices. Instead of paying with cash, check or credit cards, and even physically present to merchant outlet, a consumer can use a mobile phone to pay for wide range of services and digital or physical goods.
There are few types of transaction can be made via mobile devices are premium SMS based transactions, direct mobile billing, mobile web payment (WAP) and Contactless Near Field communication. The most common transaction that used by Malaysia citizen is Premiun SMS transaction and WAP. Normally they use to download wallpaper, music, ringtones and mobile games by buying them through mobile payment.
Some of the examples of mobile payments available in Malaysia are mobileExec, mobile money, Maxis and Celcom which also launch with the same concept of making payment transactions through a mobile device.
Mobile Money International Sdn.Bhd, one of the examples of Mobile payment system in Malaysia, which implements the MM wallet and allows customers to send a payment request via an SMS text message with personal identification number (security pin) authorization. In another word, it provide greater freedom and convenient to consumers to purchase and payment by online. 
Potentials
Mobile payment system's adoption in Malaysia has been seemingly increased throughout the years. This system is widely used in Malaysia due to the following advantages:
- It is convenient for consumer to carry out their transaction to anyone at everywhere, and any time. It provides greater freedom to the consumers.
- It is easy and more safety to operate. Consumers can top-up their phone credit or purchase digital goods and service via the mobile phone without carry out cash money to make transaction.
- Mobile payment system also assures the safety of data for the customer. A strong pin fraud protection patent that offers great security and inability of hacking passwords secures the payment.
- Such mobile services are enabling to work on any mobile devices. It helps to save consumer’s time and eliminates the hassle to queue up for bill payment at the counter. For example, booking cinema ticket.
- Promote more mobile payment system, and educate the consumers how to use its function properly and efficiently (e.g. bill payment, mobile purchase)
- Collaborate with more banks and companies to widen the ability to pay via mobile devices.
- Reduce the complexity of the mobile payment system.
- Company can give more reward to their customer at certain level of purchasing by using mobile payment system. For examples giving redemption or gift as reward to encourage them continue to use the services. Maxis is one of the good example.
- Enhance security and prevent the fraud happen. Build up customer confidence to the mobile payment system.
Throughout all this potentials, even this system is not very well established yet in Malaysia but it have a large market share to be grab on. It will continue to growth, as proper strategies are adopting and increasing in consumer’s confidence on mobile payment.
References:
http://www.neowave.com.my/mobilemoney_overview.asp
References:
http://www.neowave.com.my/mobilemoney_overview.asp
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