Mobile payment systems in Malaysia: Its potentials and consumer’s adoption strategies.

What is Mobile Payment Systems?
Mobile payment is the collection of money from a consumer via a mobile device such as their mobile phone, SmartPhone, Personal Digital Assistant (PDA) or other such device. Today, worldwide adoption of mobile payment systems is increasing, still more slowly than expected. Mobile payment can be used to purchase any goods, such as, music, videos and books.

The Mobile Money Wallet
The example of mobile payment system in Malaysia is MOBILE MONEY. It is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn Bhd to address the limitations created by cash, cheques and credit cards. It allowing registered users to pay for goods and services at anytime, anywhere using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service). This gives the freedom to shoppers to buy products online and pay the merchant using his/her mobile phone without being physically present at the store.

Customers are Encouraged to Use it
Mobile payment system is simple and convenient system for mobile users to make payments through mobile devices. In today’s world, almost everyone has a mobile phone in hand. This is also one of the reasons that mobile payment system is getting more and more popular. Other than that, it is also fast and efficient. Mobile payment system provides fast response and quick payment processing. This will save a lot of time for the businessman who is very busy dealing their business. Besides, mobile payment system is universal acceptance. It allow customer to pay anyone and anywhere using mobile payment through wireless networking.

Conclusion
As a conclusion, mobile payment system has brought convenient to every user. It will become more popular in the future because technology is part of our life.