Saturday, June 28, 2008 . 5:30:00 PM
Mobile payment systems in Malaysia: Its potentials and consumers’ adoption strategies
Mobile Money is a PIN-based Mobile Payment Solution designed by Mobile Money International Sdn Bhd 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 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.
Maxis, Maybank, and Touch ‘n Go launch trials for Nation’s first combined mobile 'touch to pay' credit card and travel service. Maxis Communications Berhad ("Maxis") announced that it is currently trialing a mobile phone multi-payment service incorporating credit card and prepaid transit payments with Maybank, Visa International and Touch 'n Go.
By using mobile payment system, it is convenient, safe & secure, and savings:
- Members can pay each other without meeting up.
- Members without credit cards can direct payment to uplines with credit cards for Top Up orders.
- Members can pay Omegatrend directly without having to go to the bank during office hours and can pay for orders at anytime and anywhere by just sending key information to MM via SMS.
http://www.mmwallet.com/download/pocketGuide_eng.pdf
http://www.omegatrend.com/infoglueDeliverLive/digitalAssets/2235_MobileMoney1106.pdf
Electronic Currency !
Electronic Currency which is also known by several names such as electronic cash, e-money, digital money, digital cash or digital currency refers to money which is exchanged only electronically. It involves the use of a computer network, the internet and a digital stored value system. Among the examples of electronic currency includes Electronic Funds Transfer (EFT) and direct deposit.
An example of electronic currency uses is Hong Kong's Octopus card system, which started with the purpose of transit payment system and has evolved into a widely used electronic cash system. Electronic currency acts as a “virtual wallet” where you are able to use it to make payments as long as there is still balance and as long as it is accepted in the place of purchase. Some electronic currency allows one to transact even if the user has no balance remaining. The charges incurred will be billed to the user at the end of every month. Over the years, several companies have set up businesses offering electronic currency. DigiCash Inc. is the first company to offer electronic currency.
DigiCash Inc. is the pioneer of electronic currency. DigiCash Corporation was founded by David Chaum in 1990. DigiCash transactions were unique in its way that they were anonymous due to a number cryptographic protocols developed by its founder. The brand new company sold a smart card for closed systems which was an instant success for a few years. The smart cards during that period were said to be technically secure to conduct a transaction on the Internet while maintaining integrity of data and also allows the user to remain anonymous.
However, DigiCash declared bankruptcy in 1998, and subsequently sold its assets to eCash Technologies, another digital currency company. One of the factors to DigiCash’s downfall is due to the fact that the use of digital cash has been relatively low-scale during those times and even up till today. The fall of DigiCash led to the rise and fall of several other companies offering similar services such as Flooz.com.
Sunday, June 22, 2008 . 10:57:00 AM
The application of Third Party Certification Programme in Malaysia.
Generally, SSL starts with the process of encryption on the information during online transaction. The SSL consists of a public key and a private key. The public key is used to encrypt information (perform when sender sent the information through internet) and the private key is used to decrypt it (perform when the receiver received the information from internet). Besides that, the SSL also contains unique, authenticated information about the certificate owner. Finally, when the information had been received by the receiver, authentication process will perform. During authentication process, the authenticated organization name is displayed and the address bar will turn green when an Extended Validation SSL Certificate is detected. If the information does not match or the certificate has expired, the browser will display an error message. For detail explanation on "how SSL works", click on "Trustgate" icon above.
With the implementation of Third Party Certification, it helps E-commerce businesses in generating higher revenue because there is higher “trust” being placed in the business transaction. In the perception of users who have the knowledge on Third Party Certification, they can perform any online transaction without any doubt. However, the group of user needs to have detail knowledge on how the Third Party certification works. For a large group of peoples who have limited or no knowledge on Third Party Certification, they will have a general perception on which they shouldn’t perform online transaction due to lack of “trust”.
This image is taken from : https://www.idaffy.com/html/ssldemo.htm
The creation of Third Party Certification helps E-commerce businesses in gaining trust from its client. However, the implementation of Third Party Certification in Malaysia seems to benefit only a smaller group of users. By the time passed, perhaps more and more users will perform online transaction by placing their “trust” on the Third Party Certification.
