yOuThGenEraTion @ BAC 5

Mobile payment (m-payment) systems have been developed in recent years to facilitate purchases of products, services and content in mobile and electronic commerce and also at physical points of sale. It is a point-of-sale payment made through a mobile device, such as cellular telephone, smartphone or personal digital assistant (PDA). Instead of paying cash, cheque or credit cards, a consumer can use m-payment to pay for a wide range of services and digital or hard goods.

Examples of M-payment systems that available in Malaysia and its potentials are:

Mobile Money
Hong Leong Bank has teamed up with a Malaysian company, Mobile Money International Sdn Bhd to bring its customers this innovative payment system. It unlocks the power of the mobile phone to make payments and allows card members to pay for goods and services using a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS. This unique method of payment is called as “Mobile Money”. It is secure as the mobile phone is linked to the Hong Leong Mobile Credit Card account and the security PIN is set by the customer which used for approval of each payment. Its convenient will encourage more consumers to shop online which will definitely be a great boon to the e-commerce industry in Malaysia. For details, please refer to http://www.hlb.com.my/news/2005/corn148.jsp?flag=102005 and http://www.neowave.com.my/mobilemoney_overview.asp


TeleMoney
TeleMoney is Malaysia’s first mobile payment service via multi-channel access for Internet and wireless transactions that launched in November 2001. Through TeleMoney, Malaysians can enjoy a secure and convenient method to conduct mobile commerce using a GSM cellular phone. It is a service free of banks and telco dependence. A consumer with a credit card or debit card with a cellular phone can register for this service. To register, a consumer only need to have a GSM phone and a TeleMoney personal identification number that connecting it to a credit card, debit card, stored valued card, bank account or even the phone account.

Maxis FastTap
Malaysian mobile operator Maxis launched the world’s first contacless mobile payment system based on NFC (Near Field Communications) technology on April 2009. This m-payment system is called as Maxis FastTap. It is an integrated mobile payment service established under a partnership with Nokia, Visa, Maybank and Touch ‘n Go and available only on the Nokia 6212 classic device. NFC is a short-range wireless technology that allows communications between devices at close range. It offers high levels of interoperability between devices and readers and global standard for contactless mobile payments with a wide range of features that allows credit card, debit card, ticketing and transportation payments to be integrated into a mobile phone. For details, please refer to
http://www.telecoms.com/10397/maxis-brings-nfc-payments-to-malaysia and http://mis-asia.com/news/articles/worlds-first-contactless-mobile-payment-system-launches-in-malaysia

Mobile Wallet
Mobile wallet is mobile phone that has functionality to replace a traditional wallet and more. It stores personal and sensitive information like passport, credit card information, PIN codes, online shopping accounts, booking details and insurance policies that can be encrypted or password-protected. This technology aims to reduce the number of items that people need to carry around. With mobile wallet, consumer can use their mobile phone to pay transactions at merchants that accept mobile payments. The user just needs to upload digital cash from a credit card to their mobile phone and swipe their mobile phone at payment counters. For details, please refer to http://www.mobileworld.com.my/v1/content/view/219/62/