Mobie Payment system in Malaysia

Mobile Money is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn Bhd in Malaysia to address the limitations and bottlenecks created by cash, cheques and credit cards. It unlocks the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime, anywhere using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service). This strategy is gives the freedom to shoppers to buy products online and pay the merchant using his/her mobile phone without being physically present at the store and it allows merchants to take online order without the need for online shopper to disclose their credit card information.

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

The benefits of Mobile Money to merchants are it can sell to anyone, anywhere at anytime, no minimum monthly transaction, no rental fee, no merchant account required, super low transaction tee at 1.5%, safe and secure, low signup fees, get paid super fast, multi methods to request for payment, and refund and reversal features.

In order to pay using Mobile Money, a shopper must have a savings, current or credit card account with Hong Leong Bank or CIMB bank. It functions like a Credit Card if a shopper applies for a "Pay by Mobile Phone" credit card account (E.g. CIMB Mobile Credit Card). The shopper will be billed by the bank accordingly by month's end. In addition, it functions as a Debit Card if it is tied to shopper's savings or current account. The amount will be deducted instantly from the account upon successful transaction.

Moreover, Mobile Payment also introducing Mobile Money 0% Interest Easy Payment Plan (EPP) to customers with lowers merchant interest rate that allowed customers opt for greater value products / services & pay by installment.

In Conclusion, Mobile Payment system is a system that will enhance the business transaction process with using minimum resources and convenience ways for potential customer to get their thing easily.