Tuesday, February 10, 2009

Mobile Payment System in Malaysia : Its Potential and Consumer Adoption Strategies

Mobile payment is also referred to as mobile web payment or WAP billing and it is the collection of money from a consumer via a mobile device.
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One of the mobile payment system in Malaysia, Mobile Money, is guided by Mobile Money International Sdn Bhd. Mobile Money provides any handphone users the convenience to pay anyone, on any time, at anywhere. This system is a PIN-based Mobile Payment Solution. 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.

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There is a great potential for mobile payment services in Malaysia since it is changing the behaviour of users and increasing the demand over time. Supportive actions and collaborations with banks and handset vendor will helps in speed up this demand. Beside, mobile money might replace cash or face to face transaction since it is so convenience and safe to deal with. Furthermore, people now a day become more and busier, mobile payment will helps them to save time and sometime also the transportation fee.
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Consumer adoption is necessary for the success of mobile payments, yet consumers may be not familiar with this payment technology. Mobile money has adopt 3 different strategies to increase consumer adoption in this system: i. Secure Mobile money provides highest security to protect their user while doing payment. They conform to best practices in the industry, participating banks and regulated relevant authorities. ii. Rewarding Mobile Money rewarded user while shopping or purchasing using Mobile Money system.

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http://www.ngrguardiannews.com/compulife/article02//indexn2_html?pdate=070109&ptitle=GSMA%20insists%20on%20single%20wire%20protocol

2 comments:

Mr. Bean said...

This blog did provide readers lot of useful information about e-commerce...bravo!!!
This post had provide me a basic knowledge about mobile payment.

D-expressionist said...

ya, it is really very convenience to all consumer, however, this mobile payment is not really popular to malaysian, my opinion, government shud provide more advertisment and also educaten malaysian on this great technology!!