This is a summary from an article in TheStar (20th June 2006, page B7)
Mobile Money International Sdn Bhd launched the MM Wallet which enables users to conduct transactions via short messaging service (SMS) by personal identification number (PIN) authorisation using a mobile phone.
The technology took the company about four years to develop at a cost of RM4mil to RM5mil, and Mobile Money was currently applying for a worldwide patent.
Mobile Money is the pioneer of mobile payment using mobile phone in Malaysia. Currently Mobile Money has teamed up with Hong Leong Bank Bhd and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones but Mobile Money is keeping its options open for tie-ups with other banks.
Users could send cash to anyone, pay merchants, buy Telekom Malaysia Bhd's (TM) iTalk card, Celcom and Maxis reload cards, pay Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) water bills and soon, other utility bills and bus tickets, by just replying to an authorisation PIN to make payment. There are 13,000 merchants linked with Mobile Money.
Mobile Money is targeting 1 million Malaysian mobile phone subscribers to use the MM Wallet. It believe that sending cash via SMS will eventually become a daily way of life for many in the very near future.
Previous entry on Mobile Money
Mobile Money aims for 100,000 vendors.
G-Cash - Mobile payment systems: The Philippine's Experience
Subscribe to:
Post Comments (Atom)
3 comments:
I was thinking how long will this Mobile money and MM wallet take to subsidize the use of notes and coins that we're having now. so in future, will it affect the new generation in term of calculation?
It will not be totally replacing the notes and coins but it can be an alternatif payment instrument especially being one of the most convinience tool.
What kind of calculation that you are refering to?
I personally foresee Mobile Money be a hit in the future especially among the younger generation.
I feel that Mobile Money can be very useful but still, it might take some time for people to put their trust and confidence in this application, especially in Malaysia and many other countries in Asia.
This is because I find that even online transactions are not really widely used due to certain constraints. However, I also feel that with the evolving trend, Mobile Money application maybe something common in the future.
Post a Comment