Cash, cheques, and credit cards always contain some limitations and bottlenecks. Thus, Mobile Money (MM Wallet) is designed to address such limitations. Mobile Money is a PIN-based Mobile Payment solution designed by the Mobile Money International Sdn Bhd. Mobile payment means the collection of money from a consumer via a mobile device such as their mobile phone, smart phone, Personal Digital Assistant (PDA) or other such device.Currently, customers and merchants in Malaysia are facing some obstacles when dealing with the online transactions. When it comes to online selling, choosing a payment gateway is one of the major problems faced by the merchants in Malaysia since there are little choices available, worse, and none of these limited choices are cost effective. Mobile Money has addressed the problem 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. 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. This gives the freedom to shoppers to buy products online and pay the merchant using mobile phone without being physically present at the store. As a result, this will definitely be a great deal to the e-commerce industry in Malaysia.
In a nutshell, with more than 16 million mobile phone subscribers in Malaysia, it is inevitable that mobile phone will become a payment tool. Mobile Money enables the mobile phone to function like a credit card and it also allows consumers to pay from wherever they may be. Consumers can buy things without disclosing their credit card details and eventually removing the initial trust barriers now.
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