Mobile payment systems in Malaysia: its potentials and consumers’ adoption strategies

Getting to know mobile payment systems!!!…..

Mobile payment system is considered a collection of money from consumers via mobile device such as mobile phone or smart phone. In addition, adoption of mobile payment systems was seen to be recognized and acceptable by many people, as it is actually convenient and useful for them to trade at any time.

Potentials

Nowadays, worldwide adoption of mobile payment system by Malaysian is increasing well. Using a familiar web payment model is beneficial for consumer since it consist of the benefits such as flow on sales and customer satisfaction is tend to increase as well. The mobile web payment allowed consumers to use web pages displayed on their mobile phone to make any necessary payment. The process is very quickly and less time consuming for any consumer who applied this advanced technology. Thus, every consumer seen to be more secure and convenient without worried for the payment securities.

Customer’s adoption strategies

Worldwide adoption of mobile payment system is served for several purposes. There are certain customer adoption strategies to develop the mobile payment system in Malaysia. A part from this, it must be easy and convenient for consumer to trade smoothly by using a mobile phone. The infrastructure and the process involved for making payment must be straightforward and improved to provide the convenient access to electronic payment. Otherwise, significant added value needs to be provided to the consumer in order to generate demand. Consumer would not to adopt new payment method if without provided of some significant added value such as cost saving. However, advancement of technology tend to lead to higher standard of living with the universal acceptance of mobile payment system in Malaysia.