Mobile payment systems in Malaysia: Its potentials and consumers' adoption strategies

Mobile Money is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn Bhd 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.

When it comes to online selling, selecting a payment gateway is one of the major obstacles faced by the merchants in Malaysia. There are too few choices available, worse, none of these limited choices are cost effective. This problem has been addressed by Mobile Money, since it allows merchants to take online order without the need for online shopper to disclose their credit card information.

Mobile Money will encourage more consumers to shop online. This will definitely be a great boon to the e-commerce industry in Malaysia. It will surely encourage more merchants to adopt online selling as an extra sales channel which complement perfectly with their offline sales channel to help them SELL MORE of their goods and services. Realizing these needs of merchants in Malaysia, we are the 1'st shopping cart software provider who has integrated Mobile Money as a payment method in our webShaper e-commerce software. This feature allows merchants to accept payment via Mobile Money and process the payment in real time within clicks!For fellow merchants, please take a look at the benefits Mobile Money has to offer to merchants.

In order to pay using Mobile Money, a shopper must have either a savings, current or credit card account with participating banks. It functions like a Credit Card if a shopper applies for a "Pay by Mobile Phone" credit card account (eg Hong Leong Mobile Credit Card). The shopper will be billed by the bank accordinly by month's end. In addition, it functions as a Debit Card if it is tied to shopper's savings or current account. The amount will be deducated instantly from the account upon successful transaction. Please take a look at the screen shots to see how it works and interact with our online storefront solution.