Malaysia being a country with over 25 million in population and 21 million mobile subscribers as at the end of year 2007, there is definitely market opportunity for mobile payment systems.Some of examples of mobile payments available in Malaysia are mobileExec and Mobile Money. Mobile Money is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn Bhd to address the limitations and bottlenecks created by cash, cheques and credit cards.
It unlock the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime, anywhere using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service).
This gives the freedom to shoppers to buy products online and pay the merchant using his/her mobile phone without being physically present at the store.
Mobile payment systems can be used for purchasing musics, ringtones, wallpaper and games (there are many of these type of service or product offered in Malaysia’s newspaper). Most Malaysian buy these ringtones and games via mobile payment, either via GPRS/WAP or SMS (premium SMS based transactional payments).
There are few types of mobile transaction can be made:
- Premium SMS transaction
- WAP (mobile web)
- Mobile payment providers
Premium SMS transactions are the most common in Malaysia, most mobile users download thier wallpaper, music, ringtones and mobile games by buying them through SMS payment. SMS payment requires you to send a certain code to certain number to confirm you want to buy those products.
WAP payment is similar to SMS, you are required to select product you want from the web and a confirmation message will be displayed to you with the details of product before u can confirm it.
Mobile payment provider is different they uses SMS and Web, it helps to extend the ability of mobile payment. There are few mobile payment providers in Malaysia, such as Mobile Money (http://mobile-money.com.my/index.html) who provides variety of products and services. By registering an account with mobile payment provider, you can top up your credit to them and use it to purchase products or services offered by them.
Potentials:
Celcom set up a whole mobile Banking and Wireless electronc payment solution. It will allow customers to access financial and account information at any bank and at a minimal investment by participating banks via mobile phone.
Besides that, Nokia and Visa start mobile payment project in Malaysia. Visa and Nokia have cooperated to release the world’s first credit card payment system that allows consumers to shop and pay using mobile phones.
Furthermore, it also lets people transfer money through cell phones. Nokia phones will use Visa Wave smart card technology that uses radio frequencies to eliminate the need to swipe credit card.
Mobile payments services indeed have a great potential and advantage. Consu
mers are more comfortable with low-value transactions over such non-traditional means. Common applications will include payment for transportation, parking, restaurants, convenience stores, retail outlets and e-tickets. Moreover, Mobile Money will encourage more consumers to shop online. This will definitely be a great boon to the e-commerce industry in Malaysia. It will surely encourage more merchants to adopt online selling as an extra sales channel which complement perfectly with their offline sales channel to help them SELL MORE of their goods and services.
Strategies to adopt:
- Educate consumers about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase)
- Enchance security and confidence to mobile users
- 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
- Maintain customer’s loyalty
http://www.neowave.com.my/mobilemoney_overview.asp
http://e-world08.blogspot.com/2008/06/mobile-payment-systems-in-malaysia-its.html
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