What is mobile payment?
A mobile payment system is defined as a method of payment that requires the use of a mobile device to conduct a transaction financially. Mobile payment also referred to as Web billing/mobile web payment. Most importantly, mobile payment system allowed us to conduct initial payment at any place and any time. Mobile payment has improved our living standard in daily life.
The Mobile payments model
Mobile payment can be divided into 2 types, which is refers as SMS based and Wap based.
SMS based – The payment request is sent via SMS with a short code in a form of sms messages. The payment is deducted directly from the prepaid system or added into the oncoming bill. The most popular activity conducted via sms based payment is refers to the purchasing of MMS, ringtones, pictures for mobile phones. It is widely applied in Malaysia and it is well known around the market.
Wap based – is a method which the users use web pages displayed on their mobile devices to make a payment. The advantages of using Wap based payment, it can lead to high customers’ satisfaction and it is ease to use. The examples of wap based payment: Credit card payment, Paypal and etc.
The potential of Mobile payments
Mobile payment systems allowed people to make transaction in anywhere and anytime, it brings convenience to us in daily life. Mobile payment industry can be growth dramatically in future because there are millions of potential users are still in the exploring and learning stage. Teenagers are the potential customers because they are more willing to try new products/services compare to older generation.
Adoption of the consumers
Although mobile payment system is popular around Malaysia, there are a lot of users are still having ambiguities. There are some factors which can become inhibitors if does not implicated nicely. Consumers are not fully adapted to the system due to uncertainty towards the systems. The adoption can be affected by the factors such as: lack of consumer trust, less of user friendly infrastructure, price, maturity of payment solutions, technology standards within the country, user comfort level, networks limitation, compatibility, security, and etc. The cost and the security are the main factors which can affect consumers’ decision. Furthermore, the reliability of the system will affect the adoption rate too.
Overall, mobile payment is a useful tools for us.
References:
A mobile payment system is defined as a method of payment that requires the use of a mobile device to conduct a transaction financially. Mobile payment also referred to as Web billing/mobile web payment. Most importantly, mobile payment system allowed us to conduct initial payment at any place and any time. Mobile payment has improved our living standard in daily life.
The Mobile payments model
Mobile payment can be divided into 2 types, which is refers as SMS based and Wap based.
SMS based – The payment request is sent via SMS with a short code in a form of sms messages. The payment is deducted directly from the prepaid system or added into the oncoming bill. The most popular activity conducted via sms based payment is refers to the purchasing of MMS, ringtones, pictures for mobile phones. It is widely applied in Malaysia and it is well known around the market.
Wap based – is a method which the users use web pages displayed on their mobile devices to make a payment. The advantages of using Wap based payment, it can lead to high customers’ satisfaction and it is ease to use. The examples of wap based payment: Credit card payment, Paypal and etc.
The potential of Mobile payments
Mobile payment systems allowed people to make transaction in anywhere and anytime, it brings convenience to us in daily life. Mobile payment industry can be growth dramatically in future because there are millions of potential users are still in the exploring and learning stage. Teenagers are the potential customers because they are more willing to try new products/services compare to older generation.
Adoption of the consumers
Although mobile payment system is popular around Malaysia, there are a lot of users are still having ambiguities. There are some factors which can become inhibitors if does not implicated nicely. Consumers are not fully adapted to the system due to uncertainty towards the systems. The adoption can be affected by the factors such as: lack of consumer trust, less of user friendly infrastructure, price, maturity of payment solutions, technology standards within the country, user comfort level, networks limitation, compatibility, security, and etc. The cost and the security are the main factors which can affect consumers’ decision. Furthermore, the reliability of the system will affect the adoption rate too.
Overall, mobile payment is a useful tools for us.
References:
No comments:
Post a Comment