The Concept of M-Payment
Mobile payment (m-payment) is a point of sale payment made through a mobile device such as a cellular telephone, a smart phone or a personal digital assistant (PDA).
The earliest trial of m-payment was based on the Wide Area Network (WAN) which was used for cellular phones. But however now with all the technology advancement, Bluetooth and WiFi are also being used to make m-payments. To secure m-commerce in general, public key infrastructure (PKI) encryption are being Incorporated into digital wireless networks and devices to enhance consumer confidence in m-payment's security.
M-Payment In Malaysia and Its Potentials
In Malaysia, Nokia, Maxis, Maybank,Visa and Touch 'n Go teamed up to provide credit card users the chance to buy items through their mobile phones. This mobile payment service uses near field communication (NFC) technology. NFC is a short range wireless technology that allows communications between devices at close range.This technology gives way to wide range of features like credit card, debit card, ticketing and transportation payments to be integrated to a mobile phone. With Maxis FastTap, customers can now use their mobile phones to pay for toll, transit, parking, and theme park charges at more than 3,000 Touch 'n Go points nationwide.
M-payment is the ultimate solution for most emerging markets. The straight of this hype mobile commerce is promising to provide rich, personalised, localised and real time content on handheld mobile technologies to users anywhere, anytime plus provides more convenience to traditional electronic commerce. Besides that m-payment also encourages more consumers to shop online because it efficient, effective and economical.
M-payment system will definitely be a great boon to the e-commerce industry in Malaysia. It will surely encourage more merchants to adopt online selling as an extra sales channel which complement perfectly with their offline sales channel to help them to increase their sales. Realizing these needs of merchants here, Mobile Money International Sdn Bhd had come up with the 1'st shopping cart software. They have integrated Mobile Money as a payment method in their webShaper e-commerce software which allows merchants to accept payment via Mobile Money and processes payments in real time.
M-payments system are set to make a significant impact in our country in banking and commerce sectors. Mobile phones can now be used to buy online, via ‘swipe’ points in retail outlets, and mobile-to-mobile. This technology enables its customers to use the services it offers. In fact, subscribers are increasingly using their handsets as banking tools, and this coupled with the spread of m-payments applications has created many exciting revenue opportunities. This market is expanding and taking first-mover position will be important to organization to place in securing their place in it.
Customers' Adoption Strategies
In order to make customers in adopting to m-payment systems Malaysian government should firslty educate consumers on how this system works and how it could benefit them in terms of time and money.Besides that Malaysian companies also can give customers gift vouchers, discounts and rebates upon reaching a certain level of purchase. An example of a company that gives this kind of benefit to its customers is Maxis. Where for its Hotlink customers, the company gives a certain accumulation of points every time a customer reload their phones. Upon reaching a certain number points, the customer will be given extra credit which they can convert it to airtime or sms.
Reference Links:
http://en.wikipedia.org/wiki/Mobile_payment
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