Since mobile technologies are becoming more advanced and mobile devices are making a big impact on daily life, a new type of payment system named
mobile payment (m-payment) has emerged, it enabling users to pay from their wireless devices especially mobile phones wherever they go.
Mobile payment system is a system that involves collection of money payment from a consumer through a mobile device such as his/her mobile phone, smart phone, personal digital assistant (PDA), cellular telephone or other similar devices.
Instead of paying with cash, check or credit cards, a consumer can use a mobile phone to pay for wide range of services and goods such as music, videos, ring tones, online game, wallpapers, transportation fare, books, tickets and etc. Besides that, by using a mobile payment system, a person with a wireless device could pay for items in a store or settle a restaurant bill without interacting with any staff member.
With such advanced payment system, it does bring advantages to the world of e-commerce and it is relatively growing in Malaysia as well. Examples of mobile payments system available in Malaysia are
Mobile Exec and
Mobile Money. Both are using the concept of making payment transactions just through a mobile device to pay for goods and services anytime without having cash on hand, cheques or even physically present a store.
Mobile Money International Sdn Bhd is one of the biggest mobile payment service providers in Malaysia. It is an innovative mobile payment system that gives you the convenience of cash-free and card-free shopping as well as making remote payments. In this situation, mobile device acts like a wallet but it does not hold any cash. It holds the value that you have in your registered savings, current or credit card account with participating banks.
Mobile Money (MM) payment system complies with the regulator's stringent requirements. MM Mobile Payment platform allows everyone to pay anyone, at anytime from anywhere with just one SMS. It also allows receiving money from anyone, from anywhere, at anytime. MM Mobile Payment system is very secure and it is a closed loop payment system. The charter of Mobile Money is to provide Merchants and Consumers with a convenient and secure Mobile Payment and Mobile Commerce platform.
POTENTIALS:
1. M-payment application is user friendly with little learning curve to the customer.
2. M-payments service is universality, it provide for transactions between one customer to another customer (C2C), or from a business to a customer (B2C) or between businesses (B2B). The coverage includes domestic, regional and global environments.
3. Customers no need to carry money or credit card to make transactions.
4. M-payment services eliminate the hassle to queue up just to pay your miscellaneous bills.
This mobile payment system is still new and developing in Malaysia. It will continue to grow as the consumer’s confidence on mobile payment increased.
STRATEGIES to encourage consumers to adopt M-payment systems:
1. Enhance consumer confidence toward security, safety and reliability of the systems
2. Enhance payment instrument availability
3. Enhance trust in M-payment service providers, e.g. Banks
4. Educate consumers through seminar or advertisement about the function and the usage of mobile payment system
5. Ensure M-payment can be use when lack of other payment instruments
6. Increase the number of company that can accept mobile payment system
In conclusion, Mobile payments services indeed have a great potential and advantage. It is predicted to have a bright future because it can be used for all types of payments in anywhere and any time. Consumers are more comfortable with this low-value transaction over such non-traditional means. It is useful especially when consumers are urgent need of cash but doesn’t have any in hand. When this problem arises, mobile payments can help us to resolve it.
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