e-commerce: Mobile payment systems in Malaysia : Its potential & consumers' adoption strategies

Mobile Money is a PIN-based Mobile Payment Solution designed by Mobile Mone y International Sdn B hd to address the limitations and bottlenecks created by cash, cheques and credit cards. It unlocks the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime, anywhere using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service). This gives the freedom to shoppers to buy products online and pay the merchant using his/her mobile phone without being physically present at the store.

The mobile payment have high rate and potential to grow as consumption pattern for Malaysian with a population of 27 million and 25 million mobile phone subscribers(88% of the Malaysian). Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz said there were immense opportunities to leverage on mobile phones to accelerate the migration to electronic payments, to widen the reach and appeal of electronic payment services, and to deliver innovative mobile payment products that offer speed and convenience at minimal cost for the public. To date, there are only 460,000 subscribers for mobile banking and payment services. This represents only 1.8 percent of the 25 million mobile phone subscribers in the co

untry.

Mobile Phone Can Become Important Electronic Payment Channel, Says BNM. (2008, June). Retrieve June 3, 2008, from: http://www.bernama.com/bernama/v5/newsindex.php?id=337023

Maxis Launches Contactless Mobile Payment Service

Maxis Communications Bhd, in collaboration with Nokia, Visa, Maybank and Touch 'n Go, has launched Maxis FastTap, an integrated mobile payment service that utilises Near Field Communication (NFC) technology.

Use Nokia 6216 Classic phones to purchase goods and services at more than 1,800 Visa payWave merchant locations as well as pay for toll, transit, parking and theme park charges at over 3,000 Touch 'n Go points nationwide
Nokia 6216 Classic phone that is embedded with an NFC chip to enable secure, contactless payments and transactions, as well as to able to read and download information
Mobile payments using NFC, a shot-range wireless technology that allows communications between devices at close range.
1st global commercial service using Visa payWave and on a Nokia mobile phone
1st commercial use in the world that features over-the-air personalisation of credit card information over a mobile service operator's network using the Trusted Service Manager interface