Mobile phones are being used for phone calling, internet surfing, instant messaging, music playing, appointment scheduling, game playing, emailing, time telling and math calculating all over the world. Mobile payment, also called mobile web payment or WAP billing, is the collection of money from a consumer through mobile device such as mobile phone, Personal Digital Assistant or other device. To use this mobile payment function the user entails electing to make a mobile payment, being connected to a server via the mobile device to perform authentication and authorization, and subsequently being presented with confirmation of the completed transaction. Mobile Money is designed to overcome the limitations created by cash, cheques and credit cards. This Mobile Money encourages more consumers to shop online.
Potential
ü Safety of the consumers as transmits payment without credit card and cash.
ü Eliminates the hassle to queue up for bills payment.
ü Can be use when need for payments urgently or lack of other payment instruments.
ü Enhanced payment instrument availability.
ü Low signup fees and low transaction fee.
ü No minimum monthly transaction like credit cards and no merchant account required.
ü Support refund and reversal functions.
Strategies for mobile payment system adoption
B Attract consumers if the transaction cost of mobile payment included in the price of the purchased items become lower.
B Strengthen consumer confidence in safety, security and reliability of its networks as a means for consumers to access financial services.
B Increase consumer convenience in make payment at anytime, anywhere using mobile phone coupled with a 6-digit security PIN via SMS.
B Organize seminar and campaign of mobile payment about its advantages, benefit and awareness.
B Automatic activate customers’ telephones by logging into websites after register their mobile telephone numbers.
