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Making wide range of payments without cash, cheques, credit cards or doing online payments are the PAST! There is the new system that only requires your mobile phone! Now, you can pay at the office, in your car, at home or just anywhere, by not even have to be at the point of purchase to make payments! Seems interesting?! Read on…

Mobile Money and Mobile Wallet are examples of Mobile Service Provider.

This brand new system is going to take the lead in the near future, known as “Mobile Money”. It is an innovative closed loop payment system where consumers will be informed via SMS each time he or she makes a payment. In short, it simply means that it brings payments to you instead of you having to go to make payments.

“Mobile Money” is convenient yet secure and rewarding. It is designed with 9 levels of protection to enhance security and to minimize fraud. Each transaction will also be rewarded with instant cash rebate and the “e-cash” accumulated can be used to make purchases at any “Mobile Money” retail outlets. At the same time, participating outlets are also running their own loyalty programmes and offering bonus points to their “Mobile Money” customers, further enhancing the benefits of paying via this mobile payment system.

Potential of Mobile Payment System

There are a great room of potential for this payment system to grow more rapidly. With the mobile payment system, consumers no longer need to carry cash, credit cards, or clicking through ample of different websites or going to the outlets looking for parking and queuing up to pay bills. Thus, it is hassle free! What you need to do is to get yourself registered to the “Mobile Money” service provider and top up with “M-Money” instantly and you can start paying your bills or doing remote shopping by just typing a SMS code, and your transaction is done! Anywhere, anytime, anyone!

These 2 diagrams show how Mobile Payment System work. Simple?!

Next, consumers are reluctant to change their payment methods due to security problem. Everyone is worried about the violation of privacy where all our personal or financial information and tools fell into the wrong hands. However, the mobile payment system is designed with 9 levels of protection to enhance security and minimize fraud. Thus, it is much safer, you need not worry even if you lost your mobile phone...

Consumer Adoption Strategies

As long as the mobile payment system perform as well as it designed to, Malaysians will adopt this new convenient payment method. Moreover, in order to make this payment system being adopted quickly, mobile payment service providers should work hand-in-hand to do aggregate advertising and educate all Malaysians with the benefits of “M-Money”.

References:

http://www.mobile-money.com/2iamuser.html

http://www.mobilewallet2u.com/lang/en/services_main.html

http://www.hlb.com.my/news/2005/corn143.jsp?flag=092005