Mobile payment systems in Malaysia: Its Potentials and Consumer Adoption Strategies

Humans are born creative. With rapid improvement in technology and communication systems, humans created a new way of performing sale and purchase process. The new way is known as mobile payment. Mobile Payment is where consumers could make payment through thier mobile phones. In Malaysia, Mobile Money International Sdn Bhd is providing this service.

Mobile Money have the potential to grow as it works almost the same as the ATM cards but with no cash involved. In the view of security, consumers are protected by the PIN-based Mobile Payment Solution where consumers are required to enter a 6-digit pin to confirm transactions through their mobile phones.

Mobile Money also reduce the problem of consumers having to que for long hours to make a payment such as telephone bills and electricity bills. With Mobile Money, payments of the bills can be done anywhere and anytime with just a single SMS made through the mobile phone. Consumers are also provided a Refund and Reversal Feature where consumers are allowed to do reversal (within same business day) and refund (within 10 days from transaction date). This is to ensure that the consumers are protected if the are any wrong in making a transactions.

Consumers are also adopting the mobile payment system. In Malaysia, consumers frequently use the system to pay for donations. Payment for ringtones and wallpapers are also a common transaction seen in the mobile payment system. For advanced consumers, they use the mobile payment system to pay credit card debts, electricity bills, telephone bills and even summons.

With this, I could predict that soon all transcations will be changed to mobile transactions as it is more convinient. For more details on the mobile payment system, kindly visit the Mobile Money website by clicking the image below:

All information above are adopted from www.mobile-money.com