Mobile payment (also referred to as mobile web payment or WAP billing) 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. The consumers can pay without needed cash,cheque or even their credit card. However, mobile payment is still not very popular in Malaysia. Currently, there are only some of the companies adopt mobile payment system such as Maxis, MayBank, CIMB and etc.
Mobile Money or MM Wallet is one of the online payment. MM Wallet unlocks the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime, anywhere using a mobile phone coupled with 6 digit security PIN via sms. This can give the freedom to the consumers to buy things online and pay the merchant using mobile phone without being physically present at the store .
Mobile payment system provide a safe and secure condition for consumers as well as merchant. With mobile payment, consumers do not have to be concern of cash, cheque or credit card handling problems or fraud. Furthermore, it is very fast and efficient. Mobile Money guarantees that merchants are paid in 2 working days. Normal credit card or cheque will require at least 3 to 4 days for clearance. Besides, there are also no minimum monthly transaction, no rental fee and even no Merchant Account is required.
Mobile payment system is an easy and convenient way to make payment. It is especially useful for the person who are lazy to wait a long queue to make payment or even the person who is busy and do not have time to go to make payment. I think mobile payment will become more and more popular in our country in the future.
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