Mobile Payment Systems in Malaysia : Its potentials and consumers' adoption strategies

Nowsday, mobile payment system is increasingly being adopted by Malaysian. What is mobile payment? Mobile payment which is also referred to as mobile web payment or WAP billing, is the collection of money from a consumer via a mobile device such as their mobile phone, SmartPhone, Personal Digital Assistant (PDA) or other such device. There are two primary models for mobile payments, that is Premium SMS based transactional payments and Mobile web payments (WAP). Mobile payment can be used to purchase any number of digital or hard goods, such as music, videos, ringtones, games, wallpapers and books, magazines, tickets and others.

Potential of Mobile payment

By using mobile payment, the user making transactions of payments just through a mobile device to pay for goods and services anytime without having cash on hand, cheques or even physically present a store. Mobile payment provides a more convenient way to pay for their bills, just by a few clicks on mobile device, the user may be able to make payment through their mobile. Instead of make payment by going to the particular place, as the mobile payment is operating 24 hours everyday, the user can make payment at anytime, anywhere they want, they can even make payment either at home or their office. Thus, this can eliminates the hassle to queue up just to pay for the bills and therefore can save user’s time.On top of that, The personal details and payment history of the user are protected. Besides that, users account is protected from hacker or terrorists because the users need to key in passwords in order to login to their account. User does not need to go through sophisticated steps in order to make payment by their mobile device. They just have to activate their phones by logging into websites. After registering their mobile phone numbers, they can enjoy the services, after registered it, there just a few clicks and they are able to make payment through their mobile device.

Consumers' Adoption Strategies

Different classes of people use mobile payment system for different purpose. Most common mobile payment system used is mobile banking; most busy working adults usually use mobile banking to pay for their bills, such as electricity bill and water bill. Besides, they also use mobile banking to make transaction and pay for their credit card debts, by doing so; they can save their time because they don’t need to queue up at the bank.