Mobile Payment System

Nowadays, electronic payment method is very famous in the world. There are many electronic payment methods such as electronic payment cards, smart cards, payment made at kiosk and so on. Besides that, mobile payment (mobile web payment or WAP billing) also develop in our country. Examples of mobile payment are SCAN’s mobile payment, Mobile Money (MM Wallet) and etc. These services are developing fast in the Europe and recently in Malaysia. Mobile payment is the collection of money from a consumer via a mobile device such as their mobile phone, Smart Phone, PDA or other such device. Mobile payment can be used to purchase any number of digital or hard goods, such as music, videos, ringtones, games, wallpapers and other digital goods. There are two primary models for mobile payments Premium SMS based transactional payments and Mobile web payments (WAP).
In Malaysia, a lot bank and mobile companies using this mobile payment system like Celcom, Maxis, Maybank, Hong Leong Bank and so on. This service is bringing a lot of convenience to consumers. Consumers can use it very easily in anywhere and anytime such as transfer money to your friends, pay bills, buy tickets, meal even taxi rides. Using cash for payment is a thing of the past. “Mobile payment is not only convenient but secure and rewarding as well. It is designed with nine levels of protection to enhance security and to minimize fraud.

Mobile Money will encourage more consumers to shop online. This will definitely be a great boon to the e-commerce industry in Malaysia. It will surely encourage more merchants to adopt online selling as an extra sales channel which complement perfectly with their offline sales channel to help them sell more of their goods and services.
What is the benefits that using the mobile payment? The benefits are can pay and authorize payment from wherever you are. No queuing, no runnings around from one place to the other to make payments or do you have to be physically present at a shop to make a purchase.
Mobile payment system is a concernment to our lives, and brings us to commercial transactions up to the next level. This service is bringing a lot a lot convenience to us.