Mobile payment systems are a form of money transaction from consumer through mobile device. It is a potential system as mobile phones are almost a necessity for everyone. In Malaysia, there are 16 million mobile phone subscribers and this might just bring the payment system to another level.There are a lot of mobile payment systems but they all have one thing in common. That is to settle bills, payments, transactions and etc through the mobile device. Some of the examples are Mobile Money, Celcom and Maxis. The most significant system at the moment is Mobile Money because of the simplicity of the system. As these type of payment systems are new, a lot of consumers and merchants do not have the confident in them. In fact, the system actually gives more options and opportunities to all.
How it really works (example for Mobile Money)
- Customer places an order and chooses to pay with MM.
- Merchant bills the customer via IVR, Mobile Money website or SMS.
- MM sends a SMS requesting for customer's 6-Digit Security PIN to approve the payment
- Customer sends the security pin and MM request for bank approval upon transaction
- Upon receipt of bank's confirmation, MM will send a payment notification with details to merchant as well as customer.
- Delivery of goods
Potentials in this system
As Malaysia is focusing on e-commerce and the consumer mindset is usually focused on simplicity and effectiveness, this system will definitely work with proper marketing and promotion. It replaces the usage of cash, checks and even credit cards for smaller transactions such as parking fee, food and beverages, and even movies.
Reference
http://www.neowave.com.my/mobilemoney_overview.asp
As Malaysia is focusing on e-commerce and the consumer mindset is usually focused on simplicity and effectiveness, this system will definitely work with proper marketing and promotion. It replaces the usage of cash, checks and even credit cards for smaller transactions such as parking fee, food and beverages, and even movies.
Reference
http://www.neowave.com.my/mobilemoney_overview.asp
1 comments:
It has high potential in market but i think it still need years of time to further develop this payment system. First of all, it must be able to bring confidence to users as in it's safe to use rather than just being convenient.
July 31, 2009 at 2:14 AMPost a Comment