Mobile payment systems in Malaysia : Its potential and consumers' adoption strategies

Mobile payments is a collection of money from consumer via a mobile device such as their mobile phone, Smartphone, Personal Digital Assistant (PDA) or any other devices. With such application, it brings benefits to the world of e-commerce and it is relatively growing in Malaysia as well.

Some of examples of mobile payments available in Malaysia are mobileExec and Mobile Money. Both are using the concept of making payment transactions just through a mobile device to pay for goods and services anytime without having cash on hand, cheques or even physically present a store. This will be easier and more convenient for users as they go about anywhere to make purchasing.

Companies such as Maxis; HGL Capital Berhad; CELCOM are also coming up with this concept to cater for their customers convenience. Mobile payments services indeed have a great potential and advantage. Consumers are more comfortable with low-value transactions over such non-traditional means. Common applications will include payment for transportation, parking, restaurants, convenience stores, retail outlets, e-tickets to name a few – typically for low-value items. This helps especially when consumers are in need of cash but doesn’t have any in hand, therefore with mobile payments they do not need to even search for an ATM machine to withdraw the needed money for the payment.