"Every day new technologies are created and improved, one of the latest technologies to emerge means that instead of carrying a wallet with credit cards in to pay for goods and services, you can use your mobile phone number instead..."
Mobile payment is a new payment method that a person can use a mobile phone or other devices to pay for goods and services such as:
•Music, ringtones, wallpaper and other digital goods
•Transportation fare and other services
•Books, magazines, tickets and other hard goods
Broader usage of mobile phones has encouraged the acceptance and growth of the mobile banking and mobile payment services in Malaysia. The services can be expanded to take advantage of the increasing number of mobile phone users.
In this regard, Bank Negara Malaysia has taken step to encourage the financial institutions to promote their delivery channel in mobile banking. Following the initiative, in facilitating mobile payments development, banking institutions are partnering with third party service providers to provide services to allow subscribers to purchase goods and services or make payments using their mobile phones.
However, existing services are focused mainly on bill payment and m-banking, growing slowly into m-wallet services, remittance and transfer offerings. In addition, there are many other payment methods, such as credit card, ATM card, in Malaysia and are very convenience. Thus, mobile payment system is not likely to replace other existing payment system in the near future.
Nevertheless, mobile payment system in Malaysia is still on its early stage. Future development may advance its system and make it more suitable for Malaysia. Hence, mobile payment system may become a common payment method in the forthcoming.
Following are some strategies used to increase consumer adoption toward mobile payment:
•Tells consumer about the advantages of using mobile payment system
Mobile payments provide consumers with everywhere purchase possibilities, timely access to financial assets and an alternative to cash payments. A person can, for example, pay for transportation tickets without the need to visit a ticketing center.
•Ease of use and convenience
The process of the transaction must convenience and not complex. This is found to be the most significant factor toward the consumers' adoption in mobile payment system.
•Cost of the transaction
The transaction costs of mobile payments should be low enough to make the total cost of the purchase competitive with alternative payment method.
•Payment system security
Company must set up some security measures to ensure the safety of the transaction as well as consumers' personal information. This will enhance the consumers' confidence in mobile payment system and thus boost the consumers' adoption of mobile payment.
Read more:
1 Comment:
Mobile payment is one convenient way to make payment. However, in my opinion, mobile payment is not popular in Malaysia. People tend to use credit card to make payment. But I hope that mobile payment will become a popular payment method someday.
Post a Comment