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

There is a new and rapidly-adopting alternative payment method, which called mobile payment. With this method, a consumer can use a mobile phone to pay their payment without paying with cash, check or credit cards. Furthermore mobile payment also called as M-payment. Mobile Payment is paying for goods, services or makes transaction with a mobile device such as mobile phone, Smartphone, Personal Digital Assistant (PDA), or other such device.

Potentials
In Malaysia, the mobile payment system has been launched since November 2001. Thus, by using the M-payment, it can eliminate the hassle to queue up for the bills payments, pay the payments when urgently or lack of other payment instruments, support refund and reversal functions, and no minimum monthly transaction like credit cards and no merchant account required. Because of nowadays there are many mobile users in Malaysia; it will be an advantage for the system to be used.

Consumers’ adoption strategies
To promote the mobile payment system to the public, the system itself should be easy to be used. Make sure there is no too complicated function which can make the users confused. In order to maintain customer loyalty, the systems also need to have powerful security to secure the customer transaction information and give confidence to them.

The mobile payment system has provided convenient to public. Therefore, with the mobile payments system, the mobile users can save their time and costs when they want to pay their payments.