Mobile payment systems in Malaysia: Its potentials and consumers' adoption strategies

For the adoption from Wikipedia website, Mobile payment is the collection of money from a consumer via a mobile device such as their mobile phone, Smartphone, Personal Digital Asistant (PDA) or other such device.

The mobile payment can be used to purchase any number of digital goods and physical goods. For example digital goods are ring tones, games, wallpaper for mobile phone and the booking cinema ticket and air ticket. Usually purchase digital good are through by SMS based transaction payments or Mobile Web Payment.

Malaysians can now enjoy a secure and convenient way to conduct mobile commerce using a GSM cellular phone. TeleMoney, the country's first mobile payment service via multi-channel access for Internet and wireless transactions, was launched Tuesday, and is expected to fully operational in the first quarter of 2002.

It is a service free of banks and telco dependence; a customer with a credit card or debit card with a cellular phone can register for this service.

All one needs is a GSM phone and a TeleMoney personal identification number, connecting it to a credit card, debit card, stored value card, bank account or even the phone account.

System@Work is the mover behind TeleMoney and Hong Leong Bank has picked the former as its master merchant while the bank acts as a settlement, clearing and payment bank for the service in Malaysia.