MOBILE PAYMENT SYSTEM

Having no time for payments? Lazy go to banks or post office to clear the payments? Now, these problems can be solved by using our mobile phone. It is very easy, simple and efficient as well. This is called as mobile payment system. Mobile payments are payment for goods and services with a mobile device in which money or funds are transferred from payer to receiver via intermediary or directly. Mobile devices include mobile phones, PDAs, etc. It enables consumers to receive and send money using mobile device such as mobile phone, Smartphone, Cellular telephone and personal digital assistant (PDA). With that, consumers no longer need to bring any cash or credit card while travelling; they just need to use their hand phone as their credit card to make the payments. It is more convenient for consumers especially in this fast growing market.

Potential Mobile payment system in Malaysia:
Bank Negara Malaysia sees tremendous promise in mobile telecommunication networks as an electronic payment channel since mobile phones are already in the hands of most Malaysians, with 88% (25 million) of the Malaysian population subscribing to mobile phone services. Moreover, mobile phones are integrated into consumers’ daily lives, so there is potential to develop a robust business model around mobile payments. Mobile payment also acts as an efficient payment mode which can increases operational efficiency, simplicity and convenience at minimal cost for the public.

The strategies to encourage consumers to adopt mobile payment system are:

• provide more payment possibilities, timely access to financial assets and an alternative to cash payments. For example, users can pay the car parking without need to visit the parking metre.
• If the transaction cost of mobile payment included in the price of the purchased items become lower then it will attract more consumers.
• Organize more seminar and campaign about the advantages, benefit and awareness of mobile payment

There are many benefits of Mobile Money system as following:

(1) This system is easy to sell to anyone, anywhere and anytime. The trader can sell goods to customers of other countries and receive payment on time.
(2) It provides safe and secure transaction. The Mobile Mon

ey Payments System is subjected to strict requirements by Bank Negara and certain banks. Therefore, consumers not need to concern about fraud or mistake during the transaction.
(3) The transactions get done almost instantly. Mobile Money guaran

tees those merchants are paid in two working days, whereas other payment systems need more days than that to process it.
(4) Merchants can use multi-methods to request for payments. For example: merchants can choose to pay the payment through the sms, Mobile Money website, online storefront

system, or others. It is easier for merchants to choose which methods are more convenient for them.

Pay your parking using mobile phone

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