Mobile Payment System in MALAYSIA

MOBILE PAYMENT SYSTEMS in MALAYSIA: Its POTENTIALS and CONSUMERS' ADOPTION STRATEGIES




Mobile payment system(also known as mobile web payments or WAP billing) allow individual to make the payment through their mobile phone, smart phone, Personal Digital Assistant(PDA) or other such device. It can use to purchases either digital or physical goods. Digital product refers to the intangible products that can be transfer over a digital network such as songs, games and wallpaper for mobile phone.


Mobile payment is developing fast in Malaysia such as MobileExec and Mobile Money. Both of the system allows customer to pay for their goods or services through a mobile device without having cash on hand. Besides that, the other companies in Malaysia also come out with various services by applying the same concept such as Maxis, Celcom and so on.

Thus, have a great potential as the customers are more comfortable with this payment system. On the other hand, consumers can make transactions in their house as it is not necessary for them to go to the shopping centre. For example, the customers can book cinema ticket through their hand phone. Besides that, as a matter of convenience, the customers no need go to find ATM machines when they have insufficient cash on hand.
Hence, it will continue to continue to growth as consumer’s confidence on mobile payment increased.

For consumers’ adoption strategies, most of the companies offer bonus point, promotion, rewards and various incentives to build up the loyalty of the customers. For example, Hotlink will give extra credit to Hotlink users with certain calls or points.