Mobile payment system can be defined as a point-of sale payment made through a mobile device. It enables consumers to receive and send money by using mobile device such as mobile phone, Smartphone, Cellular telephone and personal digital assistant (PDA). With that, consumers no longer need to bring any cash or credit card while travelling; they just need to use their hand phone as their credit card to make the payments. It is more convenient for consumers especially in this fast growing market. The largest credit card payment system is visa which launches a universal system and signed with mobile giants. Mobile giant like Nokia launches this service in Nokia handset which allows customers to remote payment, person-to-person payments, and contact fewer payments.
For Malaysia itself, at November 21, 2001 the first mobile payment system in Malaysia launched, malaysian can enjoy the secure and convenient way to conduct mobile commerce using a GSM cellular phone. TeleMoney, the country's first mobile payment service and it is expected to fully operational in the first quarter of 2002.
Besides that, Mobile Money International Sdn.Bhd is a Mobile payment system in Malaysia which implements the MM wallet and allows customers to send a payment request through an SMS text message by personal identification number (pin) authorization to pay their bills. Consumers can SMS-transfer money to anyone, anywhere, and anytime.
On the other hand, mobile payment systems can be used for purchasing musics, ringtones, wallpaper and games (there are many of these type of service or product offered in Malaysia’s newspaper). Most Malaysian buys these ringtones and games via mobile payment, either via GPRS/WAP or SMS (premium SMS based transactional payments).
There are few types of mobile transaction can be made:
(i)Premium SMS transaction
(ii)WAP (mobile web)
(iii)Mobile payment providers
The potential for this market is quite big, because it is very convenient to use mobile payment. The mobile payment providers have a large market share to be grabbed 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 have most potential for growing.
To put it simple:
(i)Market still at developing stage
(ii)Many mobile phone users
(iii)Low competition
The consumers’ adoption strategies are as follows:
1.Educate consumers about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase).
2.Enhance security and confidence to mobile users.
3.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.
4.Maintain customer’s loyalty.
Currently Mobile Money has teamed up with Hong Leong Bank Bhd and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones. It is targeting 1 million Malaysian mobile phone subscribers with the belief that sending cash via SMS will eventually become part of the daily life of the Malaysian community.
Related link(s):
•http://mobile-money.com.my/about_us.htm
•http://searchmobilecomputing.techtarget.com/sDefinition/0,,sid40_gci772807,00.html
•http://en.wikipedia.org/wiki/Mobile_payment
•http://www.mymode.com.my/html/new/index.jsp
For Malaysia itself, at November 21, 2001 the first mobile payment system in Malaysia launched, malaysian can enjoy the secure and convenient way to conduct mobile commerce using a GSM cellular phone. TeleMoney, the country's first mobile payment service and it is expected to fully operational in the first quarter of 2002.
Besides that, Mobile Money International Sdn.Bhd is a Mobile payment system in Malaysia which implements the MM wallet and allows customers to send a payment request through an SMS text message by personal identification number (pin) authorization to pay their bills. Consumers can SMS-transfer money to anyone, anywhere, and anytime.
On the other hand, mobile payment systems can be used for purchasing musics, ringtones, wallpaper and games (there are many of these type of service or product offered in Malaysia’s newspaper). Most Malaysian buys these ringtones and games via mobile payment, either via GPRS/WAP or SMS (premium SMS based transactional payments).
There are few types of mobile transaction can be made:
(i)Premium SMS transaction
(ii)WAP (mobile web)
(iii)Mobile payment providers
The potential for this market is quite big, because it is very convenient to use mobile payment. The mobile payment providers have a large market share to be grabbed 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 have most potential for growing.
To put it simple:
(i)Market still at developing stage
(ii)Many mobile phone users
(iii)Low competition
The consumers’ adoption strategies are as follows:
1.Educate consumers about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase).
2.Enhance security and confidence to mobile users.
3.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.
4.Maintain customer’s loyalty.
Currently Mobile Money has teamed up with Hong Leong Bank Bhd and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones. It is targeting 1 million Malaysian mobile phone subscribers with the belief that sending cash via SMS will eventually become part of the daily life of the Malaysian community.
Related link(s):
•http://mobile-money.com.my/about_us.htm
•http://searchmobilecomputing.techtarget.com/sDefinition/0,,sid40_gci772807,00.html
•http://en.wikipedia.org/wiki/Mobile_payment
•http://www.mymode.com.my/html/new/index.jsp
i wont choose the mobile payment system as my payment media.This is because sometimes will face some online problem and the payment process is stopped.let us confusing whether this payment has been made twice.
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