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

Mobile payment system in Malaysia is a point-of sale payment made through a mobile device. It enables consumers to receive and send money using mobile device such as mobile phone, Smartphone, Cellular telephone and personal digital assistant (PDA). With that, consumers no longer need to bring any cash or credit card while travelling, they just need to use their hand phone as their credit card to make the payments. It is more convenient for consumers especially in this fast growing market. The largest credit card payment system is visa which launches a universal system and signed with mobile giants. Mobile giant like Nokia launches this service in Nokia handset which allows customers to remote payment, person-to-person payments, and contact fewer payments.

Mobile Money International Sdn.Bhd is a Mobile payment system in Malaysia which implements the MM wallet and allows customers to send a payment request through an SMS text message by personal identification number (pin) authorization to pay their bills. Consumers can SMS-transfer money to anyone, anywhere, and anytime.

There are many benefits of Mobile Money system as following:

(1) This system is easy to sell to anyone, anywhere and anytime. The trader can sell goods to customers of other countries and receive payment on time.
(2) It provides safe and secure transaction. The Mobile Money Payments System is subjected to strict requirements by Bank Negara and certain banks. Therefore, consumers not need to concern about fraud or mistake during the transaction.
(3) The transactions get done almost instantly. Mobile Money guarantees those merchants are paid in two working days, whereas other payment systems need more days than that to process it.
(4) Merchants can use multi-methods to request for payments. For example: merchants can choose to pay the payment through the sms, Mobile Money website, online storefront system, or others. It is easier for merchants to choose which methods are more convenient for them.

Other than that, G-cash is an online payment service provider which has simple goal of converting a mobile phone into a wallet. G-cash can also be used to make purchase transactions and allows consumers to make the payment in the web. The transaction payments include government taxes, medicine, boat fare, food, insurance company, internet service and so on.

Besides that, G-cash also provides some benefits such as cash can be retrieved quickly and transferred safely using transaction technology. Based on the personalized account, people have full control over their money. Another benefit is G-cash also provides safe and secure transaction every time. This is because this system incorporates encryption technology to make transactions complete and to make sure the transaction of account is safe and secure.

Lastly, with the introduction of mobile payment systems, customers no longer need to queue up to pay their bills. Now it will make consumers’ access to the financial institutions and payment processing network even more effective and easy.


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