pic source : http://www.mobile-weblog.com/50226711/mcommerce.gifMobile payment systems in Malaysia:
Its potentials and consumers’ adoption strategies
Mobile payment is a point-of-sale payment made through a mobile device such as mobile phone, smartphone, or personal digital assistant (PDA). So how does mobile payment work? For instance, in a restaurant, the bill can be paid directly from the table without waiting for waiter to bring the check. The patron would simply connect to the cash register with a wireless device ( eg. smartphone), punch in the table number and bank personal identification number (PIN), authorize payment and whole payment is done.
The latest product of mobile payment is Mobile Money or MM Wallet. Mobile Money is a PIN-based mobile payment solution launched by Mobile Money International Sdn Bhd to address the flaws and bottlenecks brought by cash, cheques and credit cards. Maybank MM Wallet allows consumers to use their mobile phones to make domestic fund transfer and purchases of selected goods and services up to RM500 in value. A RM0.50 fee is charged per transaction.
Besides ordinary users, merchants are targeted market in Malaysia. They can sell to people across town, across the country and take payment around the clock, which is not possible with traditional payment systems. Transaction fee of MM Wallet is relatively cheap compared to credit card interest fee. Moreover, they only need an existing account to apply for MM Wallet. It saves them a lot of time and money to deal with these matters.
pic source : http://www.mobile-money.com/images/aboutus/image012.jpg
pic source : http://www.mobile-money.com/images/aboutus/image014.jpg
The latest product of mobile payment is Mobile Money or MM Wallet. Mobile Money is a PIN-based mobile payment solution launched by Mobile Money International Sdn Bhd to address the flaws and bottlenecks brought by cash, cheques and credit cards. Maybank MM Wallet allows consumers to use their mobile phones to make domestic fund transfer and purchases of selected goods and services up to RM500 in value. A RM0.50 fee is charged per transaction.
Besides ordinary users, merchants are targeted market in Malaysia. They can sell to people across town, across the country and take payment around the clock, which is not possible with traditional payment systems. Transaction fee of MM Wallet is relatively cheap compared to credit card interest fee. Moreover, they only need an existing account to apply for MM Wallet. It saves them a lot of time and money to deal with these matters.
pic source : http://www.mobile-money.com/images/aboutus/image012.jpg
pic source : http://www.mobile-money.com/images/aboutus/image014.jpgWhat we concerned is how would the consumers perceive and adopt this payment system? There are a few factors consumers might take into consideration when deciding whether to use MM Wallet:
1) Relative advantages of MM Wallet.
Compare the advantages of MM Wallet with traditional payment instruments pertain to time and location independent purchase possibilities.
2) Compatibility.
The ability of consumers to integrate MM Wallet into their daily lives.
3) Complexity.
Ease of use and convenience expected from the payment system.
4) Payment system security and trust in payment system provider.
The key requirements for secure financial transactions in electronic environment include confidentiality, data integrity, authentication, and non-repudiation.
source from http://project.hkkk.fi/helsinkimobility/papers/Mobile%20Applications_2_3.pdf
1) Relative advantages of MM Wallet.
Compare the advantages of MM Wallet with traditional payment instruments pertain to time and location independent purchase possibilities.
2) Compatibility.
The ability of consumers to integrate MM Wallet into their daily lives.
3) Complexity.
Ease of use and convenience expected from the payment system.
4) Payment system security and trust in payment system provider.
The key requirements for secure financial transactions in electronic environment include confidentiality, data integrity, authentication, and non-repudiation.
source from http://project.hkkk.fi/helsinkimobility/papers/Mobile%20Applications_2_3.pdf
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