Mobile payment is an alternative method to make payments. Instead of using cash or cards, consumers now can use their mobile phones to pay for their products or services.
Potential
In Malaysia, mobile payment is still very new and lacks exposure. Many people may not even know it exist. However with the growth of Wi-Fi and 3G on mobile phones, there may be potential for mobile payment system to grow.
As technologies in Malaysia grow, mobile phones’ capabilities are also increasing. Traditionally, mobile phones are only used for calling and texting. However in the modern age, mobile phones already have multiple functions such as camera, music player, GPS device, mobile computing and personal organiser.
Shown from the advancement of mobile phones, it is already a major device everyone needs to have. Owners of mobile phones range from kids from primary schools to senior citizens. Just imagine how many people own a mobile phone these days. When there are populations, it is a guarantee that people would use the service of mobile payment if it brings convenience.
One of the pioneers of mobile payment system in Malaysia is Mobile Money International Sdn Bhd. They were established in February 2005. Money Mobile allows anyone to pay to or receive money from anyone, anytime from anywhere securely. Most often Mobile Money is seen to be used in e-commerce websites.
After few years, Maxis introduces M-Money. It is a service using an application which allows consumers to store their money in virtual accounts that is accessible using their mobile phones. Maxis M-Money also allows consumers to remit money using their mobile phones, specifically to Philippines. M-money has been successful in implementing mobile payment system; they are already one of the payment methods when we buy cinema tickets on TGV and when we orders pizza online on Pizza Hut.
Just recently, Maxis launches another mobile payment system, Maxis FastTap in partner with Nokia, Visa, Maybank and Touch ‘n Go. It is an integrated mobile payment service that uses near field communication (NFC) technology. It allows mobiles phones to work as a Touch ‘n Go card and Visa Wave, performing transacting without contact.
Mobile payments are used because they save time. Consumers would not need to take a long queue to make payments, with just an SMS, or a wave on a device to transact payments. Mobile payments also allow consumers to remits money with ease. With just an SMS, consumers can send money in their account to their friends and family in other country. Most importantly, mobile payments can be used anywhere and anytime. Consumers will not need to worry if there is any time restraint for using the service.
Adoption Strategies
Although mobile payment system is made with all the convenience and advantages, there are only a handful of consumers who use this service. Steps to be taken to improve this are:
1. Educating consumers – Consumers must be educated whenever something new hits the market. Telling them that such a convenient system exists, pouring knowledge and information into them. Providers of mobile payment system should advertise their services to create awareness among the public.
2. Enhancing security – In order for mobile payment system to be used, the security of the system must be carefully handled. Nobody would want to use a payment method if they are afraid their money will be stolen. Therefore, enhancing security plays a major role in keeping mobile payment system in the long-run. Provider of these services should do their best in eliminating all security issues that create doubts in consumers.
3. Collaborating with banks and merchants – The more the system is accepted commercially, the more people will be aware of them. Mobile payment system should take effort in collaborating with different banks, allowing consumers to bank-in money to their account with any banks of their choice. Collaborating with merchants plays an important role as it reflects the usefulness of the system. A mobile payment system that could pay just anything will most probably be the first choice of anyone who wants to pay with their mobile.
Please refer to the following links for more information:
http://www.neowave.com.my/mobilemoney_overview.asp
http://www.dailyexpress.com.my/news.cfm?NewsID=49705%20http://mis-asia.com/news/articles/worlds-first-contactless-mobile-payment-system-launches-in-malaysia
http://mis-asia.com/news/articles/worlds-first-contactless-mobile-payment-system-launches-in-malaysia
http://www.finextra.com/fullstory.asp?id=19902
By Bk
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