Mobile payment system in Malaysia: Its potentials and consumers' adoption strategies
Mobile payment (M-payment) is a payment method for goods and services purchased via mobile devices, the most common device is cellphone. As we are moving forward to a more technology advanced era, wide range of mobile devices are available such as PDA (Personal Digital Assistant), Smartphone and so on. Now, as long as we sign up for such service and bring mobile devices along, we can pay the transaction amount in anytime anywhere!
Is mobile payment system widely adopted in Malaysia? Well, the first mobile payment service called TeleMoney was launched in 20th November 2001, nearly 8 years it is implemented in Malaysia!!!
Systems@Work was the one pushed TeleMoney in E-market. It picked TeleMoney as master merchant meanwhile Hong Leong Bank incharging the Mpayment processing. At that time, Celcom, the oldest mobile telecommunication company in Malaysia, having quite a large numbers of subcribers, coorperated with Systems@Work to prosper M-payment system in Malaysia. At the very beginning, this service was only offered to post-paid subcribers, however as this system is getting more and more developed, M-payment is available prepaid subcribers as well. 
Recent growth of M-payment was the launch of world's first contactless mobile payment service--- Maxis FastTap, which uses near field communication (NFC). This new launched service is partnered with Nokia, Visa, Maybank and Touch n' Go Card. Users who sign up for Maxis FastTap will be benefited to buy 
goods and services at more than 1800 of Visa payWave merchant location, pay for toll and others only by using Nokia6212 classic phone.
M-payment overcomes the limitation of payment make through cash, credit cards, cheques etc. Consumers do not need to hold large amount of cash during 
shopping; payment will be made only if the users' have balance in their bank accounts, thus no worries about bounce cheque or unable to pay amount due. Furthermore, M-payment help consumers to save up a lot of time. For instance, consumers pay car loan through mobile phone instead of waiting in the long queue in bank. Besides, when making mobile payment, security PIN which for authentication purposes will be given to payer to keep user's information private and confidential. Isn't that make Malaysians' life easier?
There are criteria that make Malaysia's M-payment to be having a potentially bright future.
The following link is the illustration adopted from noewave.com on the process of mobile payment.
Related links:
http://www.neowave.com.my/mobilemoney_howitworks.asp
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7 comments:
Mobile payment system is a very convenient service.. however, how many people out there actually know the existence of this service?
It should be proposed in Malaysia, as bringing a large bulk of money walking on the street is quite risky nowadays....
I agree with natalie, it is not common in Malaysia ~
It is commonly used in Fillipines neh~looks really convenient esp in small area~
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