Mobile Payment Systems in Malaysia (week 5)

Introduction

Mobile payment also may refer to as mobile web payment or WAP billing. It is the collection of money from a consumer via a mobile device such as their Mobile Phone, Smart Phone, Personal Digital Assistant or known as PDA and many more. There are lots of stuff can be purchased through mobile payment. For example, Music, videos, ring tones, games, wallpapers and other digital goods.

In Malaysia, http://www.ecapay.com/ is well known online payment gateway which facilitates Malaysian domestic payment. With Malaysia Direct Debit we provide direct access to Malaysia’s domestic direct debit (online banking) pay-ments. Ecapay currently supports Hong Leong Bank, Public Bank, CIMB(Bank Bumiputra Commerce, Bank Islam, Maybank and Pospay. For more information please visit : -

http://www.ecapay.com/article7.html?gclid=CPa2kcu0iJQCFQdIegodkSdUXA

For further information, there are two primary types of mobile payments which is the older type of transaction payment which is the Premium SMS based transactional payments and now already advanced to the Mobile Web payments (WAP)

Potential

The Mobile Web payment allowed consumers to uses web pages displayed on their mobile phone to make a payment. This process is quickly replacing premium SMS based transactional payments for digital content and also enables the sale of physical goods. Using a familiar web payment model gives a number of proven benefits of such as flow on sales, high customer satisfaction and yet easy to use.

Consumer adoption strategies

Mobile payments are commonly expected to increase consumer convenience by reducing the need for coins and cash in small transactions and increasing the availability of purchase possibilities. Consumer chooses to make a mobile payment. They interact with the payment server using their mobile device to authenticate or authorize the payment. They are subsequently presented with status showing confirmation of the successful transaction or failure with a reason. Extensions to this include Near Field Communications or Contact less Payment options using additional hardware built into the mobile phone. Few researches has made where teenagers from 14-15 years old, young adults where they have entered working life and most of them are in their twenties and middle aged members of a hobby group where most of them are between 50-59 years old.