The models for mobile payment include Premium SMS based transactional payments, Direct Mobile Billing, Mobile web payments (WAP), Contactless NFC (Near Field Communication). Malaysia are mostly applied the Premium SMS based transactional payment. It is where the consumer sends a payment request via an SMS text message to a shortcode and a premium charge is applied to their phone bill.
There are few mobile payments provider in Malaysia eg Mobile Money. Mobile Money is a payment service provider that allows users SMS to Pay (Using Mobile Phone) with just one account.
For its potential, the customers can using their mobile phone to purchase the goods and booking cinema ticket without using credit card or cash. It brought a lot of convenience people who is always busy on their work due to it eliminates the hassle to queue up to pay for the goods or services. In Malaysia, mobile payment system is still new and developing. Many companies are coming up with this concept to satisfy for their customers convenience eg Maxis and Digi. So, it has most potential for growing in Malaysia in future.
For its consumers' adoption strategies, most companies will educate their consumer about mobile payment and introduce the convenience about the mobile payment by using advertising. Besides, they also need to increase consumer's confidence by enhance their security. Some of the companies will also give reward to their consumer by giving gift at certain level of purchasing or giving redemption of reward eg Maxis.
Related Links:
http://searchmobilecomputing.techtarget.com/sDefinition/0,,sid40_gci772807,00.html
http://mobile-money.com.my/index.html
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