Mobile payment is also referred to as mobile wed payment or WAP billing and it is the collection of money from a consumer via a mobile device.
One of the mobile payment in Malaysia, Mobile Money, is guided by Mobile Money International Sdn Bhd. Mobile Money provides any handphone users the convenience to pay anyone, on any time, at anywhere. This system is a PIN-based Mobile Payment solution. It unlocks the power of the mobile phone to make payment, 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 product online and pay the merchant using his/her mobile phone without being physically present at the store.
There is a great potential for mobile payment services in Malaysia since it is changing the behavior of users and increasing the demand over time. Supportive actions and collaborations with banks and handset vendor will helps in speed up this demand. Beside, mobile money might replace cash or face to face transaction since it is so convenience and safe to deal with. Furthermore, people now a day become more and busier, mobile payment will helps them to save time and sometime also the transportation fee.
A consumer adoption is necessary for the success of mobile payment, yet consumer may be not familiar with this payment technology. Mobile money has adopting three strategies to increase consumer adoption in this system:
i) Secure Mobile money provides highest security to protect their user while doing payment.
ii) They conform to best practices in industry, participating bank and regulated relevant authorities.
iii) Rewarding Mobile Money rewarded user while shopping or purchasing using Mobile Money System
http://www.mobile-money.com
http://www.neowave.com.my/mobilemoney_overview.asp
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