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.


How to enquiries on Mobile Money ??

How Mobile Money Works ??

Credit Card debts: Causes and prevention

Credit card debts result when the user of a credit card purchases an goods or service through the card system. When the user of credit card does not pay for the money spent, the debt accumulates and increases through interest and penalties which usually in high rates.
The causes of the great amount of debts are mostly unconsciousness of user on the amount used to pay for goods or services by credit card. Some of the users only realized that they had great debts on credit card when the monthly statement is received. Great debts frequently come into the picture for those who are addicted to shop and make payment using the credit card. The knowledge and understanding of the credit card user is not sufficient to make planning in using the credit card and repaying the debt. Purchasing goods or services by credit card can also rephrase as purchasing goods or services using the future money which has not be earn. Therefore, the debts also commonly caused by credit card user unable to repay the debts because usually they spent more than what they earn which cause the user only affordable to repay the minimum amount for long period.
There are prevention and signal to show that the credit card users are on path to fully repay the debts. Purchase goods or services for petty amount by available cash or by debit card is the best. The raw idea of using credit card is to think twice before payment is made on some of the goods or services that are not in priority in the daily life, this will avoid the user from being trap by debts. The key to remember in using credit card is spent more pay more, spent more than earn debt is also more. There is expert suggested that pay the balance with the highest annual percentage rate first then move onto the debt with the next-highest interest rate. This will help the user to reduce the interest burden in repaying the debts. Good signal to be given if the credit card user able to repay the debts more than the minimum amount require for each month because it tells that the debts can be repay in less interest and in shorter period. For credit card user, it is advised to have full understanding on credit card and the consequence in using it. Comprehensive planning on using credit card and repaying the debt is a “must” to prevent attacked by creditors and warning letters.
Causes of using credit card and prevention on unlimited debt that has been discussed can be references to pre – credit card user to consider and be alert.

Electronic currency

Say good-bye to traditional application

Say hello to Safe and convenient new electronic currency

Traditional applications of rendering payment include credit cards, debit cards and charge cards. However, these traditional forms of rendering payment online have posed problems to both the consumer and the seller. For example, not all merchants are equipped to accept credit card transactions. Some merchants even prefer not to accept credit card transactions because credit card companies charge merchants a two to six percent service fee for each transaction.

But, now technological progress has undoubtedly created a new direction in the means of payment. The Internet and E-commerce have become an increasingly commercial area, where daily payments are rendered for goods, information and services.

Electronic currency is essentially a system that allows a person to pay for goods or services by transmitting a number from one computer to another. These transactions are carried out electronically, transferring funds from one party to another, by either a debit or credit. These funds are instantly cleared and secured by using strong encryption, thus eliminating the payment risk to the consumer. As a result, electronic payments are becoming the central part to online business between customer and seller.

There are few benefits on the electronic payment system. For instance, privacy and confidentiality of customer’s information are adequately protected. The systems unlike credit card companies, they are invading consumer's privacy by collecting their spending habits and reselling the data to third parties. Besides, the security of electronic currency is provided by the use of encryption. The enacted digital signature statutes require a certification authority to use a trustworthy system. Therefore, even though there is speculation about the security of the Internet, electronic currency consumers are probably more secure in their transactions than the more traditional ways of doing business.

Apart from that, let me introduce you others type of electronic currency which is electronic micropayments. This is the system where it solves the problem of purchasing inexpensive items by using credit cards. If you are interested, please go and click the words of 'electronic micropayments' that i highlighted and read through the article. It can help you to gain the knowledges about it.

The application of pre-paid cash card for consumers

Prepaid cash cards are a recent phenomenon. However, more and more people are using it. It is like a credit or debit card, and gives users the ability to purchase products and service with a card but with a crucial difference. Users can only spend the balance that has been preloaded onto the card. This means that there is no risk of running into debt as it has no credit or overdraft facility.
Money can be loaded onto a prepaid card by cash at bank, post office, Pay Point Terminal, bank transfer or even by another credit card. Applying for a prepaid credit or debit card is an extremely simple process, because it does not involve a credit search or any kind because you are not being offered credit. The application is quick and painless. Some of the prepaid card does not require that you be 18 years old in order to be approved for a card, which is a greater way to teach teenagers how to manage their finance properly. MasterCard and Maestro prepaid cards are available through participating financial institutions are retailers. People can apply it as well.

When using for purchasing at a high street store or shopping market, they work in exactly the same way as a credit or debit card. You can hand the cashier. You will be asked to enter your PIN numbers which supplied wit the card on an electronic keypad or to sign a payment slip so that your signature can be matched with that on the back of the card if there is no chip on the card. The total amount will be taken from your card immediately and the transaction is complete.

Prepaid cash card can also be used to shop online. You click on items which you want to buy then click on the website’s “checkout” page before filling in your details and those of your prepaid card. As long as you have enough cash loaded on your card. The website checks it by the usual means of the authorization, then purchase is completed and your item will be shipped to you. Moreover, the prepaid card can be used to buy groceries and petrol, paying bills, withdrawing cash from at ATM, topping up your mobile phone, as a replacement for travelers cheques or travel cash for a low cost alternative to paying for goods and services aboard, and many others.
A prepaid cash card is good to use because there is no debt risk. With a prepaid card, users are no chance of spending too much as you are limited to the amount you put on your card. Prepaid card are an ideal way to budget for yourself or help to manage your children spending. There are some benefits for using Visa prepaid card at http://www.corporate.visa.com/pd/consumer_products/prepaid.jsp