On 9th April 2009, the world’s first contactless mobile payment system service which is named as “Maxis FastTap” has been launched in Malaysia, together with partners Nokia, financial services companies Visa and Maybank as well as Touch ‘n Go card. “Maxis FastTap” is an integrated mobile payment service which uses near field communication technology (NFC). It offers high levels of interoperability between devices and readers and it enables a mobile phone to be integrated with a wide range of features that allows credit card, debit card, ticketing and transportation payments.Customers who sign up for Maxis FastTap are able to use their Nokia 6212 classic phones to buy goods and services at more than 1,800 Visa payWave merchant locations, pay for transit, toll, parking charges at more than 3,000 Touch ‘n Go points nationwide. With all prominent leaders in their field (Maxis, Nokia, Visa, Maybank & Touch n’Go) colllaborating for this new technology, certainly there is a great potential to explore a new commercial market that will spur the e-commerce industry in Malaysia.
Related link:
‘ World's first contactless mobile payment system’ launches in Malaysia
“Mobile money” (MM wallet)
MM wallet, on the other hand, is another mobile payment system which has been in the market for several years. Mobile Money is the pioneer of mobile payment using mobile phone in Malaysia. MM wallet allows its users to conduct transactions via short messaging service(SMS) by a 6-digit security PIN authorization using a mobile phone. Users could send cash to anyone, pay merchants, buy iTalk card, Celcom, and Maxis reload cards, pay utility bills simply by replying to an authorization PIN to make payment. Currently, the participating banks for MM wallet are Hong Leong Bank and Bumiputra Commerce Bank.These mobile payment systems certainly have great potentials in Malaysia. As the targeted customers for these services are mobile phone subscribers and there are approximately 16 million mobile phone users in Malaysia, it is inevitable that it has vast market potentials in Malaysia. Plus, it brings convenience at our fingertips. This is the case especially when consumers are in need of cash but doesn’t have any in hand, therefore with mobile payments they do not need to even search for an ATM machine to withdraw money for making payments. In addition, mobile payment system also allows buyers to pay merchants for online order without disclosing their credit card details, thus increasing security of data and removing initial trust barriers between merchants and consumers. Through all these potentials, it leads to higher customer satisfaction and therefore creates an increasing trend of using mobile payment systems in Malaysia.
How to get more people to adopt this payment system?
1) Publicize this practical payment solution. Emphasize on the convenience it brings to its users as well as enlightening people on its functions and how it can be used in their daily lives.
2) Alliance with more banks and merchants to enable more consumers to benefit from the service. For instance, if a shopper intends to pay using mobile money (MM wallet), he/she must have either a savings, current or credit card account with the participating banks.
3) Enhance the payment security protection for its users to boost their confidence in using mobile payment system. For instance, a strong pin fraud protection system and prevention of password hacking system are crucial to secure the reliability of this system.
4) Continuous improvement of the system helps to secure customers’ loyalty and satisfaction.
5) Reduce transaction fee of such payment system.
Related link:
Mobile Money (MM wallet)
2 comments:
Hi,
Maxis FastTap is indeed easy to use as it is simply replacing your credit card with a mobile phone upon doing any transaction.
Hence, robbers will start to divert their attention to your handsets rather than your purse. After stealing your handsets, they will use your mobile phones to purchase whatever they desire. They will have that little extra time to do so as you have lost your mobile phone to contact the person-in-charge to terminate your account. Therefore, one should be protective of one's belongings at all times especially those who make use of this service. You'll never know that you might be the next target after being noticed using the Maxis FastTap service.
Cheers.
hi galaxycharm,
yes, we do not deny the fact that Maxis
FastTap presents vulnerability to its users.
however, as it is a fairly new payment system, further study is required to fully understand how the system works. Besides, we believe that such payment system should have its own securty system to protect and to give assurance to its users.
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