Mobile Payment systems in Malaysia: Its potentials and consumers’ adoption strategies

Mobile payment system is a payment system that emerges due to the development of mobile-commerce (m-commerce) and it is conducted over a wireless telecommunication network.

Last year, there is a mobile payment event held in Thailand. It is to unlocking the business opportunities with mobile payment services. In Malaysia, cash and check payment still account for a large portion of the number of transactions in the economy. Hence, mobile payment system is still very new to all the consumers. Therefore, it has created huge potentials to begin with this service.

First of all, there are almost 88% (25 million) of Malaysian population are subscribing to mobile phone services. With this large number of mobile phone subscribers in Malaysia, it has immense opportunities to leverage on the mobile phone to accelerate the migration to mobile payment.

In term of speed, simplicity, cost and conveniences for the public, mobile payment system has provide an efficient and cost effective method of delivering the financial services even in the remote areas. For example, users can transfer money to their friends, pay bills, meals or even taxi rides by using mobile payment system.

Many of the companies have invited those established brand such as Touch ’n Go, Maybank, Visa International and Nokia to work together in order to provide various avenues of payments and services to their customer. They also offer a special user interface to allow customers payment details, credit balance and recent transaction on the mobile phone screen at any point in time. Those convenient services have attracted the consumers to adopt this payment services.

In future, there will be more adoption of mobile payment as there is acceleration of consumer preferences and technology evolves. However, there still need to strengthen consumer confidence in the security and reliability of mobile networks as a mean for consumers to access financial services.

Here is the article that related to mobile payment system:-
1.http://www.internetnews.com/ec-news/article.php/3667181
2.Malaysia's first mobile payment system launched : News : Communications - ZDNet Asia

3.http://www.zdnetasia.com/news/communications/0,39044192,39001884,00.htmhttp:/www.zdnetasia.com/news/communications/0,39044192,39001884,00.htm