Mobile payment systems in Malaysia: Its potential and consumers’ adoption strategies

Mobile payment system is a system that helps to unlock the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime via SMS (Short Messaging Service). An example of mobile payment system in Malaysia is Mobile Money Wallet (MM wallet). It is designed by Mobile Money International Sdn Bhd to address the limitations and bottlenecks created by cash, cheques and credit cards.

For further information about MM wallet please visit:
http://www.neowave.com.my/mobilemoney_overview.asp
http://www.mmwallet.com/mmwalletfaq.htm

Current customer base and merchant
MM Wallet allows mobile user to receive money and make payments to anyone who has a mobile phone, or any Mobile Money merchants. As such, user can send or receive cash through sms. Moreover, users can make a call to get their mobile prepaid reload for Digi, Celcom, Maxis and also iTalk for their discounted call. The system also make it convenient for the users to buy product online which can help them save time and travelling cost.

With the MM wallet, merchant can now sell their product to anyone across town and country at anytime. Merchant can perform their business without the need to pay rental fee and open merchant account and the system also offer lower transaction fee at 1.5% for the merchant. It will definitely help to lower the business cost for the merchant.

For more information please visit http://www.neowave.com.my/mobilemoney_benefits.asp


How to encourage consumer to adopt this payment system
In order to encourage people to use mobile payment system, MM wallet has built more layers of security, so that users will have confidence and trust to use this system. Example of those security are security PIN which users are required to enter with the password when doing the transaction. Besides that, system are regularly maintained and audited by the regulatory body to ensure the system is running properly and avoid hacker to hack into the system to steal user information. Moreover, the system also requires a unique confirmation system to ensure no one can send money to the wrong person.