Quatre E-Commerce World

As technology are being more advance, there is definitely market opportunity for mobile payment system (MPS) in Malaysia as statistic shows that more than 21 millions of Malaysian own a mobile device.

Mobile payment is a new alternative payment system that provides opportune way for consumers to make payment via mobile device. This payment system enables consumers to receive and send money via their mobile device which totally overcome the limitations and bottlenecks created by cash, cheque and credit cards. By just registering yourself at a specific website, consumer are allowed to make payment to goods and services at anywhere and anytime without being physically present at the store by just entering a few digits of security PIN (Personal Identification Number) via SMS (Short Messaging Service).

MPS in Malaysia started since February 2005 by Mobile Money International Sdn Bhd of Kuok group and Mr. Lee Eng Sia. Mobile Money (MM) has provided a convenient and secure Mobile Payment and Mobile Commerce platform for Malaysian since then. As year passed by, there are more options of mobile payment system in Malaysia such as Digi, Maxis, Hotlink, Celcom, Visa Wave Payment and Maybank. For instant, Maxis M-Money allows consumer to top-up their prepaid credit, purchase cinema tickets and recently, Maxis had a joint-venture project with Lelong.com where all successful bidding payment must be paid by M-Money only. In addition, Maxis also began international remittance services but this only with Globe subscriber in Philippines. By using this Maxis remittance service, consumer can save at least 35% of the charges which other bank usually would charge.

By using MPS, it would save time and cost as consumer does not need to spend hours of queuing to settle their bills and this would definitely benefits our hectic daily routine. Furthermore, MPS assures safety of consumers’ data as this payment system is strongly secured by PIN to provide greater security. Through all this benefits, it leads to higher customer’s satisfaction and these causes an increasing trend of using MPS in Malaysia.

However, not many Malaysian are adopting this convenient payment method as they are not familiar with the system therefore, government should work hand-in-hand with private sector to educate Malaysian about MPS, its functions and benefits. Besides that, should provide more security collaborate solution of mobile payment for the consumers so that mobile users will more confident and satisfaction when using mobile payment as merchants take online order without the need for online shoppers to disclose their credit card information. Last but not least, maintaining existing customer loyalty is very important as it can help the company to build up a good reputation by providing good customer service.

Related useful link:

• Neowave
• Wikipedia-Mobile Payment
• Search Mobile Computing
• KPMG