What is Mobile Payment System?
Mobile payments (also known as mobile web payments or WAP billing) are a collection of money from consumer via a mobile device such as their mobile phone, Smartphone, Personal Digital Assistant (PDA) or any other devices. Mobile payment allows you to make payments to selected merchants by using your mobile phones. Bill payments and purchase of goods and services are among the cashless transactions that can be made. To enjoy the benefits of mobile payments, you have to register and open an account with mobile payment service providers.
In Malaysia companies like Maxis and Celcom, they provide this kind of services by selling caller ringtone, true tone, and some wallpaper on their websites. In certain times they also send messages to their user to sell some concert ticket, some promotion as well.
Potentials:
The market for Mobile is large. This mobile payment is still under developing in Malaysia. It has potential to continue to grow as consumer’s confidence on mobile payment increased. Mobile payments services indeed have a great potential and advantage. Consumers are more comfortable with low-value transactions over such non-traditional means. Common applications will include payment for transportation, parking, restaurants, convenience stores, retail outlets, e-tickets to name a few – typically for low-value items. This helps especially when consumers are in need of cash but doesn’t have any in hand, therefore with mobile payments they do not need to even search for an ATM machine to withdraw the needed money for the payment.
Strategies:
1. Educate consumers about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase)
2. Enhance security and confidence to mobile users
3. Collaborate with more banks and companies to widen the ability to pay via mobile at the same time it helps to increased customer’s satisfaction and confidence
4. Maintain customer’s loyalty
In Malaysia companies like Maxis and Celcom, they provide this kind of services by selling caller ringtone, true tone, and some wallpaper on their websites. In certain times they also send messages to their user to sell some concert ticket, some promotion as well.
Potentials:
The market for Mobile is large. This mobile payment is still under developing in Malaysia. It has potential to continue to grow as consumer’s confidence on mobile payment increased. Mobile payments services indeed have a great potential and advantage. Consumers are more comfortable with low-value transactions over such non-traditional means. Common applications will include payment for transportation, parking, restaurants, convenience stores, retail outlets, e-tickets to name a few – typically for low-value items. This helps especially when consumers are in need of cash but doesn’t have any in hand, therefore with mobile payments they do not need to even search for an ATM machine to withdraw the needed money for the payment.
Strategies:
1. Educate consumers about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase)
2. Enhance security and confidence to mobile users
3. Collaborate with more banks and companies to widen the ability to pay via mobile at the same time it helps to increased customer’s satisfaction and confidence
4. Maintain customer’s loyalty
