Mobile payment systems in Malaysia: Its potentials and consumers' adoption strategies

Today, we are in the midst of a payment resolution, with cards and electronic payments taking the place of cash and checks. Mobile Money (MM Wallet) is one of the mobile payment systems that has been introduced in Malaysia few years ago.

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 allows 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 enables shoppers to buy products online and pay the merchant using their mobile phones without even being physically present at the store.

Mobile Money encourages more consumers to shop online. This will definitely be a great boon to the e-commerce industry in Malaysia. It also encourages 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.

Currently Mobile Money has teamed up with Hong Leong Bank Bhd and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones. It is targeting 1 million Malaysian mobile phone subscribers with the belief that sending cash via SMS will eventually become part of the daily life of the Malaysian community.

For latest information about Mobile Money, visit its website at http://www.mobile-money.com/

Saturday, June 28, 2008