Sunday, February 15, 2009

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


Malaysians can now enjoy a secure and convenient way to conduct mobile commerce using a GSM cellular phone. Electronic money, the country's first mobile payment service via multi-channel access for Internet. In Malaysia, mobile payment is recently services developing fast. This service is effective providing customers with admission or money off vouchers which can be unique coded or designed to allow viral spread. The mobile channel can be effectively used as a self-funding and revenue generating medium. This service covers all mobile operators on Malaysia; it’s for prepaid and postpaid service billings. mobile payments available in Malaysia are mobileExec and Mobile Money. Besides MobileExec and Mobile Money, many other companies are also coming up with this concept to cater for their customer’s convenience. For example, Maxis; U mobile, Digi and CELCOM.

Potential of Mobile Payment System

Mobile payment system indeed have a great potential and advantages.

· The wide use of mobile phone made mobile payment much easier to be adopted.
· Consumers are more comfortable with low-value transaction over such non-traditional.

Consumer adoption stractegic.
In Malaysia, most of company will:

Reward the consumers by giving gift at certain level of purchasing or giving redemption of reward.
Certain service or good purchase will accumulated the points to redeem other extra bonus.
Provide information and education for consumers about the mobile payment system, help them build confident among consumers by enhancing its system security.
Collaborate with more banks and companies to widen the ability to pay via mobile.

There are 6 main services in this mobile application- Mobile Payments, Mobile Shopping, Mobile Videos, Mobile Downloads, Mobile News and Mobile Games.

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