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

Nowadays, most of the people are using mobile payment. What is mobile payment? It is basically a point-of-sale payment made through a mobile device, such as a cellular telephone, a smartphone, or a personal digital assistant (PDA). Mobile payment also referred to as mobile web payment or WAP billing.By using mobile payment, a person with a wireless device could pay for items in a store or settle a restaurant bill without interacting with any staff member, it can also be used to purchase any number of digital or hard goods, such as music, videos, ringtones, games, wallpapers, books, magazines, tickets and other hard goods. Examples of mobile payment are mobile ticketing, mobile banking and much more.

Potentials of mobile payment

• Improved user convenience
  Mobile payment provides a more convenient way to pay for their bills, just by a few clicks on mobile device, the user may be able to make payment through their mobile. Instead of make payment by going to the particular place, as the mobile payment is operating 24 hours everyday, the user can make payment at anytime, anywhere they want, they can even make payment either at home or their office. Thus, this can eliminates the hassle to queue up just to pay for the bills and therefore can save user’s time.
  
  
• Security, privacy and trust
  Mobile payment ensures private and secure transmissions. By using mobile payment, the personal details and payment history of the user are protected. Moreover, users account is protected from hacker or terrorists because the users need to key in passwords in order to login to their account.
  
  
• Simplicity
  User does not need to go through sophisticated steps in order to make payment by their mobile device. They just have to activate their telephones by logging into websites. After registering their mobile telephone numbers, they can enjoy the services, after registering it, there just a few clicks and they are able to make payment through their mobile device.
  

Consumers’ Adoption strategies

Most common mobile payment system used is mobile banking; most busy working adults usually use mobile banking to pay for their bills, such as electricity bill and water bill. Besides, they also use mobile banking to make transaction and pay for their credit card debts, by doing so; they can save their time because they don’t need to queue up at the bank.