Introduction
Current Mobile Payment System That Are Available In Malaysia
Mobile Money (MM Wallet)
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 allow customers 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.
In Malaysia, the major obstacles that faced by merchants who are doing online selling transaction is when selecting a payment gateway. The reason is because there are too few choices available, and worse, none of these limited choices are cost effective. However, Mobile Money has been addressed this problem, since it allows merchants to take online order without the need for online shopper to disclose their credit card information.
In order to pay using Mobile Money, a shopper must have either a savings, current or credit card account with participating banks such as Hong Leong Bank and Bumiputra-Commerce Bank. It functions like a Credit Card if a shopper applies for a "Pay by Mobile Phone" credit card account (eg. Hong Leong Mobile Credit Card). The shopper will be billed by the bank accordingly by month's end. In addition, it functions as a Debit Card if it is tied to shopper's savings or current account. The amount will be deducted instantly from the account upon successful transaction.
Maxis FastTap
Maxis FastTap is launched by Maxis Communication Bhd, in collaboration with Nokia, Visa, Maybank and Touch 'n Go. It is an integrated mobile payment service that utilizes Near Field Communication (NFC) technology. By using this, the customers can use their mobile phone such as Nokia 6216 Classic phones to purchase goods and services at more than 1,800 Visa payWave merchant location. In addition, customers also can pay for toll, transit, parking, and theme park.
According to Maxis, FastTap service marked a few "first-in-the-world" milestones for contactless mobile payments using NFC, a shot-range wireless technology that allows communications between devices at close range. Besides that, it is also the first global service that integrates multiple NFC applications for contactless credit card payment and Touch 'n Go electronic payment for transit, toll an parking payment on the same device.
Paymo
Paymo is the trusted mobile payments network that allows consumers anywhere in the world to buy online and pay with their mobile phone. According to research, more than 70 percent of the world’s online population has no credit card, but over 3 billion consumers own a mobile phone. By having this opportunity, Paymo opens the world of online commerce to these people, offering them the ability to buy online and pay using their mobile phone.
By using Paymo, it helps to simplifies and streamlines the e-commerce process for digital items such as virtual goods, video games, and applications for social networks and mobile devices. Furthermore, it eliminates the need for log-ins and passwords, remembering credit card numbers or setting up separate accounts to facilitate online transactions that are linked to a bank account or credit card. Moreover, it provides a trusted global payment system for online purchases that is fast, easy and secure.
The Current Customer Base and The Merchant
Current customers base who will used mobile payment systems in any transaction are those online shoppers who want a simple and secure method of payment that can be used in as many online shops as possible. Besides that, it also included business entity who may purchase goods or services from a merchant and teenagers as they cannot access regular financial services.
As for the merchant, it included those individual, business entity, hardware and/or software that receives a card number to facilitate a transaction, whether or not in exchange for goods or services. Therefore, it may be an online bookstore such as Amazon, an online auction such as eBay, or a local restaurant.
How to Encourage Customers to Adopt Mobile Payment Systems
To encourage more customers to adopt mobile payment systems, we can describe the relative advantages of mobile payment systems :
- Compatibility. Mobile payment systems are compatible with small value payments contemplating cash payments. For example, electronic ticketing such as car parking, public transportation, movies; mobile content such as music, games; small value payments at Point-of-Sales such as a chocolate bar or a newspaper on a kiosk and so on.
- Convenience & ease of use. Mobile payment systems will increase consumer's convenience by reducing the need for coins and cash in small transactions and increasing the availability of purchase possibilities. Besides that, there is no pre-registration and no new mobile software is required
- Time and place independent purchases. By using mobile payment systems, consumers can make their purchase anytime and anywhere without any restriction.
- Queue avoidance and speedy. With mobile payment systems, customer do
not need to have to queue up when making their payment of purchase as they can just use their mobile phone. Moreover, by using mobile payment systems, most transactions are completed in less than 10 seconds.
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