Mobile payments are payment for goods and services with a mobile device in which money or funds are transferred from payer to receiver via intermediary or directly. Mobile devices include mobile phones, PDAs, etc.
Mobile Money (MM wallet) complies with Bank Negara Malaysia’s requirement is availabble to use in Malaysia. Users are allowed to pay or receive money, at anytime form anywhere with just one SMS. MM wallet provides a very secure convenient platform for merchants and consumers.
Besides that, MoneyMe is another mobile phone system that also provided in Malaysia. It provides a reliable, accessible and easy way for users to send or receive remittance to overseas, and it is sent by one user to another user regardless of the subscribed telecommunication service providers.
Mobile Money (MM wallet) complies with Bank Negara Malaysia’s requirement is availabble to use in Malaysia. Users are allowed to pay or receive money, at anytime form anywhere with just one SMS. MM wallet provides a very secure convenient platform for merchants and consumers.
Besides that, MoneyMe is another mobile phone system that also provided in Malaysia. It provides a reliable, accessible and easy way for users to send or receive remittance to overseas, and it is sent by one user to another user regardless of the subscribed telecommunication service providers.
In Malaysia, they are 4 to 5 million mobile phones were sold last year, and up to 88% of Malaysian population subscribing to mobile phone services. There are only 460,000 Malaysians subscribed for this services in to date, and it is just 1.8% of the 25 million mobile phone subscribers in the country. However, we believed that the % of Malaysian subscribers for the mobile payment services will increase in this few years.
The strategies to encourage consumers to adopt mobile payment system are:
- provide more payment possibilities, timely access to financial assets and an alternative to cash payments. For example, users can pay the car parking without need to visit the parking metre.
- If the transaction cost of mobile payment included in the price of the purchased items become lower then it will attract more consumers.
- Organize more seminar and campaign about the advantages, benefit and awareness of mobile payment.
http://www.neowave.com.my/mobilemoney_overview.asphttp://www.justmakemoneyonline.com/2008/04/18/obopay-mobile-payment-system/
Links relating to MobileWallet & MoneyMe:-
http://www.mobileworld.com.my/v1/content/view/219/62/
http://www.theregister.co.uk/2007/09/04/payforit_launch/
http://www.psfk.com/2008/04/6212-nokias-mobile-wallet.html
