Mobile payment is also referred as collection of money or certain fees from customers through the usage or high technology devices such as mobile phone and Personal Digital Assistant (PDA).
Mobile money nowadays has become very popular with wide usage over the world, particularly in Philippines. However, in Malaysia the usage is still in the beginning stage. Mobile Money International Sdn. Bhd. is the first company introducing this idea in Malaysia. Being the pioneer in this industry in Malaysia, Mr. Lee Eng Sia as the managing director of MM wallet has the vision to create a society and business world using more digital money instead of using cash.
Actually, the concept of Mobile Money has a great potential to grow and become popular among Malaysian citizens. There are a few reasons for its potentials. First of all, the security is high because it uses personal password to gain access to the customer’s digital wallet.
Secondly, it is very convenient to use Mobile Money. By only having a mobile device in your hand, you can pay anyone, from anywhere, at anytime by sending one SMS. Regardless of what time it is or what is the geographical condition of the place you are staying, you can easily pay for personal bills or loans, purchase goods and many more benefits that we can think of.
Since this industry is growing fast, there are few customer adoption strategies which can help to attract more customers to adopt and accept this mobile money concept.
Firstly, advertising is important to increase potential customers’ attention and awareness about this digital money concept. The benefits using MM Wallet are shared with the public to make sure everyone knows about it.
Secondly, Mobile Money International Sdn. Bhd should first segment its target market to the younger generations instead of all age groups. This is because the young generation can easily accept new things and concept. Not only that, the young people are also more familiar with such mobile devices, thus they are more likely the group to first adopt this mobile money system.
Thirdly, the company may try to reach and cooperate with more banks and companies in more industries and fields. This can make customers feel that their digital money is very useful. With only Money Mobile Wallet, customers can buy things they want to buy without even bringing cash with them. Therefore, it is important that the company can have contacts and affiliates with other companies from different fields and industries.
Last but not least, with the rise of Mobile Money Wallet or digital money, shopping, paying bills and transferring money can be so easy and convenient, at the same time securing the safety of customers.
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Prepared by: WONG CHEE WAI
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