Mobile Payment Systems In Malaysia: Its Potentials And Consumers' Adoption Strategy
Mobile payment is becoming a major way of paying in Asia and Europe. Instead of using credit card or cash, user only need thier mobile phone to do a transaction. The market for mobile payment is expected to be at around $600 billion by the year 2013. This show that a lot of people are aware of the effectiveness of mobile payment and companies are venturing in to this service.
Mobile payment system is becoming a major way of paying in Malaysia. With around 25 million mobile phone user, and current infrastructure, mobile payment can attract a lot of users. With mobile payment, users do not need to take all the hassle to travel or line up to pay or purchase what the need. Even Bank Negara have acknowledge the emergence and usefulness of mobile payment but Bank Negara have put it at a low leval of usage due to confidence of the user and low awareness about the usefulness of mobile payment.
Even transferring money can be done online with just a few clicks on the mobile phone. Money can be even transfer from one country to other country and the recipient can withdraw the money sent by their love ones. Emergence of mobile payment allows the users, to pay all their purchases without having a credit card. All they need is a “NFC (Near Field Communication)” phone and wave it a special reader. Users can also make mobile payment through other method which is WAP (mobile web payment), direct mobile billing or premium SMS based transaction payment. Security is not an issue as the service provider will provide the necessary security.
In Malaysia, a lot of companies have been setting up their service here, Com2u Sdn Bhd enable users to transfer money using mobile phone while Maxis, Touch N Go, Visa, Nokia and Maybank is working on multi payment service which will enable user to pay everything using their phones. The service from Maxis now enable user to purchase their items from 1,800 participating Visa pay-Wave merchants and 3,000 Touch N Go points nationwide. With this, users of Maxis can now able to purchase anything they want without having to bring any cash or credit cards. Buying a products using mobile paymant is also fast and users do not need to queue as all users only need to put the phone near a reader and the payment is made automatically. Since this service is gaining popularity, there will be more and more large companies that will be joining the race to grab market share in the mobile payment sector.
Related Links :
Mis-asia.com
Newscentre.msc.com.my
Mobile88.com.my
Wikipedia
