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M-payment (mobile payment) is a point-of-sale or transaction of money payment made through a mobile device, such as a cellular telephone, a smart phone, or a personal digital assistant (PDA).
M-payments include:
- transactions through the mobile network
- payments in brick and mortar storefronts
- bill payments
- person-to-person such as transfer money to friends or families
Several companies in Malaysia have launched the mobile payment systems such as:
- Hong Leong Bank
Mobile Money International Sdn Bhd
The most famous m-payment system in Malaysia is Mobile Money Wallet (MM Wallet). Mobile Money or MM Wallet is one of the online payments. MM Wallet is a new feature from Mobile Money that will turn your mobile phone into an electronic wallet. It brings you superior convenience that allows you to shop cash-free, making remote payment & send money with SMS.
In Malaysia, mobile payment is recently services developing fast. This service is effective providing customers with admission or money off vouchers which can be unique coded or designed to allow viral spread. The mobile channel can be effectively used as a self-funding and revenue generating medium. This service covers all mobile operators on Malaysia; it’s for prepaid and postpaid service billings.
Potential of Mobile payment systems in Malaysia
For your information, statistics show that as in year 2008, there are a total of 25 million of mobile subscribers in Malaysia. However, there have only 460,000 subscribers for mobile payment system. By looking at the large number of mobile subscribers, it is no surprise that our country has the potential to effectively use mobile device as a transactional device.
In addition, the large number of feature-rich mobile devices, third generation (3G) mobile networks, and the emergence of Near Field Communications (NFC) technology are combining to create an environment where the mobile phone could become the next generation payment device. Furthermore, there are only approximately 1 million 3G Subscribers in Malaysia. Therefore, the m-payment system still can grow in Malaysia.
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Besides, the customers no need to carry money or credit card to make transaction; it is a very easy step by using their mobile phone to purchase the digital goods and booking cinema ticket and so on. Such mobile service works on any mobile and it eliminates the hassle to queue up just to pay your electric bills. With this, the m-payment providers have a large market share to be grabbed on. This m-payment system is still new and can developing in Malaysia. It will continue to grow as consumer’s confidence on mobile payment increased.
Consumers’ adoption strategies
There are few customer adoption strategies which can help to attract more customers to adopt and accept this mobile money concept.
(1) Cost-transaction fees:
The advantages of physical cash exchange are clear: it is simple, fast, and there is no additional cost involved. Because of this, most mobile payment systems should provide the service free to consumers. Besides, most of the company will reward the consumer by giving gift at certain level of purchasing or giving redemption of reward or will give extra credit to customers eg: Hotlink. With certain calling amount, users will accumulated the points to redeem free air time or free sms.
(2) Ease of use:
Ease of use of M-payment should be emphasized. There should be a few simple steps to conduct M-payment rather than demanding consumers to go through many steps to complete a transaction. The ease of use of M-payment relative to other payment methods such as credit card and debit card is an important factor for consumer adoption of m-payments.
(3) Enhancing of security system:
Upon subscribing to an m-payment system, users are expected to place inherent trust in the system. Needless to say, all steps should be secured and trusted from a technological as well as social perspective. Therefore, m-payment should minimize fraud losses and provide user-controlled transaction-specific privacy support. The last implies that anonymous payments should be possible (as with cash today). Furthermore, technologies such as biometrics, and mobile digital signatures will have to be further advanced in order to be easily integrated into MP architectures.
Conclusion
In conclusion, with the rise of MM Wallet or digital money, shopping, paying bills, transferring money and others, can be so easy and convenient for a customer and at the same time securing the safety of customers.
Related links:
http://en.wikipedia.org/wiki/Mobile_payment
http://www.mmwallet.com/testing123/index.html
http://mobile-money.com.my/
http://searchmobilecomputing.techtarget.com/sDefinition/0,,sid40_gci772807,00.html
http://www.neowave.com.my/mobilemoney_overview.asp
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