The mobile payment is developing fast and is well adopted in Malaysia. The payment system is very convenient as users do not need to carry along their payment cards or even cash by just using their mobile phone. It also eliminates the time queuing up for bill payments. The market for mobile payment is very large because there are many mobile phone users in Malaysia. The system covers all mobile operators in Malaysia and is available to prepaid and postpaid service billings. Therefore, the mobile phone users’ confidence on mobile payment will greatly increase.

Consumers’ adoption strategies:

1.Educate public about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase)

The most common usage for mobile payment system in Malaysia is to pay electric bills and phone bills. Mobile users usually download wallpapers, ringtones and mobile games using premium SMS transactional payment.

2.Enchance security and confidence to mobile users

3.Collaborate with more banks and companies to widen the ability to pay via mobile at the same time it helps to increased customer’s satisfaction and confidence

Currently Mobile Money has teamed up with Hong Leong Bank Bhd and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones. It is targeting 1 million Malaysian mobile phone subscribers with the belief that sending cash via SMS will eventually become part of the daily life of the Malaysian community.

4.Maintain customer’s loyalty

Company can reward customers by giving gift at certain level of purchasing or giving extra credit when they used mobile payment. It indirectly ecourages the use of mobile payment.

References:
Mobile payment. (June 2009). Retrieved 2 July, 2009 from http://en.wikipedia.org/wiki/Mobile_Payment