Mobile payment systems in Malaysia: Its potentials and consumers’ adoption strategies.

Mobile payment system is a new alternative payment system which allowed the consumer to do payment by using mobile phone. It is a secure and convenient way to transfer the money electronically at anytime and everywhere. Moreover, mobile payment system let the customers to pay for any services such as transportation fare, books, magazines and even the digital goods such as music, ringtones.

Mobile payment has been adopted by many countries such as Singapore, Australia, and Malaysia. One of the company which has been adopted the mobile payment system in Malaysia is Mobile Money International Sdn Bhd. However, user is required to download the “mobile money ATM” in order to create an effective mobile payment. Mobile money ATM is an application that uses in the mobile phone and helps the user to transfer money to an appropriate person. By using this application, user can pay their bills, bank, and friends, reload prepaid, pay merchants, and remit money. As a result, it helps to make the user’s life more easily.

At this point of time, most of the consumers are more preferred to use cash money rather than mobile money. In order to encourage the consumers to adopt this payment system, awareness of the consumers is one of the important elements. The government should try to introduce the usefulness and way to use the system. This is because most of the consumers have zero knowledge with the mobile payment system. Furthermore, we should improve the security of the mobile payment system in order to prevent any fraud which will be possibly occurred. Others than that, supporting regulatory and legal framework should be provided toward the payment system in order to improve the reliance of consumers. As a consequence, it will increase the trust and confident of the consumers toward the system. Other than that, the infrastructure of the payment should be widened. It will make the consumers to be more convenience in assessing to the system.



Related links:
http://www.liewcf.com/blog/archives/2007/05/m-money-by-maxis-and-maybank/

http://www.mobile-money.com

http://en.wikipedia.org/wiki/Mobile_payment

http://www.bis.org/review/r080605d.pdf