Mobile payment is defined as a point of sale payment made through mobile devices such as mobile phone, Smartphone, Personal Digital Assistant (PDA). It is a rapidly-adopting alternative and latest payment method especially in Europe and Asia.
TeleMoney, our country’s first mobile payment service via multi-channel access for Internet and wireless transactions which was launched on the last quarter of 2001, and it was expected to fully operational in the first quarter of 2002. It is a service free of banks and telco dependence where a customer with a credit card or debit card with a cellular phone can register for this service. They can use their mobile phones to pay for a wide range of services and digital goods such as ringtones, videos, books, magazines, and transportation fare after registered to those particular services instead of paying with cash, cheques or credit cards.
Mobile Money (MM Wallet) is a PIN-based Mobile Payment Solution which allows registered users to pay for goods and services at anytime from anywhere by using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Message Service). It also allows one to receive money from anyone, from anywhere, at anytime. Shoppers are allowed to purchase the goods online and pay the merchants using their mobile phones without being physically present at the store. At the same time, it allows merchants to take online order without the need for online shopper to disclose their credit card information.
On the other hand, the world’s first contactless mobile payment service which is called as Near Field Communications (NFC) technology drives service has been launched on the first quarter of 2009 in Malaysia. Near Field Communications (NFC) is a short-range wireless technology that allows communications between devices at close range. NFC is a new and open platform technology which offers high levels of interoperability between devices and readers that allows credit card, debit card, ticketing and transportation payments to be integrated into mobile phone.
Potentials of mobile payment systems:
a) It enables the ability to pay for goods and services without having to carry cash or cards during the transactions.
b) A large number of mobile device users can be increased since it offers a unique opportunity to open up the financial system to more customers and communities, in order to achieve financial inclusion for all segments of our society.
c) It assures the safety of data for the customer where the payment is secured by a strong pin fraud protection patent which offers great security and inability of hacking passwords.
Consumers’ adoption strategies:
a) Payments are far easier and less costly to handle than cash itself including other traditional payment methods. Therefore, users can have a complete trail of all payments they make - unlike cash.
b) Collaborate with more banks and companies to widen the ability to pay via mobile at the same time it helps to increased customer’s satisfaction and confidence.
c) Consumers are being educated about the mobile payments and the way to use it such as bill payments by using GPRS and WAP
Related Link:
http://www.zdnetasia.com/news/communications/0,39044192,39001884,00.htm
http://www.neowave.com.my/mobilemoney_overview.asp
http://www.mis-asia.com/news/articles/worlds-first-contactless-mobile-payment-system-launches-in-malaysia
Mobile payment is quite easy to use, however not everyone have the sufficient verbal skill to understand the instruction that need to follow when using it.
ReplyDeleteI don't think m-payment will be success in Malaysia because we have too many alternative used to make payment
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