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

Mobile payment is the service that use the mobile device (such as mobile phone or smart phone) to collect money from consumer. Mobile payment can be used to purchase any number of digital or hard goods. such as music, videos, ringtones, games, wallpapers and other digital goods, hard goods including books, magazines, tickets and other.

In Malaysia, Mobile Money International Berhad has developed the MMWallet as a mobile payment system at year2006. It can solve the limitation created by cash, cheques and credit cards. The registered user can use the mobile phone to consume goods or service whenever they wish to do so through the MMWallet. It is also a must for user to either have a saving, current or credit card account with participating bank. However it is safer than other online paying as the user is not required to give out their credit card information.

In order to attract more user, the Mobile Money International Sdn Bhd which develop the MMWallet introducing Mobile Money 0% Interest Easy Payment Plan (EPP) to customers with lower merchant interest rate. No additional equipments needed no deposit, no rental and no maintenance fee as well. Therefore, customers can choose for greater value products / services and pay by installment. With this plan, the consumers are believed to use this payment system and also, it’s because the mobile phone users are a great number. That’s way the system is believe to be spread very fast.