Nowadays, every people owes mobile devices such as PDAs, wireless tablets and any other device. These all devices can be connected to mobile telecommunication network and possible to make payment through the devices called as mobile payment system.
Mobile money (MM Wallet) is one of mobile payment systems that available in Malaysia. Mobile money is a pin-based mobile payment solution designed by Mobile Money International Sdn Bhd to address the limitations and bottlenecks created by cash, cheques and credit cards because MM Mobile Payment system is very secure and it is a closed loop payment system. Its service allowing the users to make any payments at anytime and anywhere by using only a mobile phone coupled with 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service). The services are convenient for the user without physical present at the store and disclose their identity for make any payment.
Mobile Payment systems are involving local cash deposit and withdrawal solutions and its highest potential adoption by customer. Paying cash transaction can entail high transaction costs so it can reduce by using mobile payment system. Besides that, the merchant also can enjoy the lower transaction cost instead with credit card services. They are targets 1million users for MM wallet by year end (19/6/06, The Edge Daily) and also 100,000 merchants for mobile payment service (19/1/2005, The EDGE). Recently, many banks also launch mobile service as an extension of their channel in the large mobile user country such as Citibank and OCBC bank.
Its system provides many benefits for merchants( http://www.neowave.com.my/mobilemoney_benefits.asp) and users as well (http://www.mobile-money.com/mmlogin.htm).
Customer using mobile payment will be rewarded instant cash rebate for each transaction in order to encourage more people to involve the system. After that, accumulated cash can be used to make purchases at any of Mobile Money retail outlets. For example KFC and Pizzahut meal voucher and Maxis. Besides that, it has more than 2,500 merchants have signed for the service now.
The mobile payment process link : http://www.neowave.com.my/0doc/MobileMoneyPaymentSystem.pdf
Related link :
http://www.mobile-money.com/
http://www.neowave.com.my/index.asp
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