This is a summary from an article in TheStar (20th June 2006, page B7)
Mobile Money International Sdn Bhd launched the MM Wallet which enables users to conduct transactions via short messaging service (SMS) by personal identification number (PIN) authorisation using a mobile phone.
The technology took the company about four years to develop at a cost of RM4mil to RM5mil, and Mobile Money was currently applying for a worldwide patent.
Mobile Money is the pioneer of mobile payment using mobile phone in Malaysia. Currently Mobile Money has teamed up with Hong Leong Bank Bhd and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones but Mobile Money is keeping its options open for tie-ups with other banks.
Users could send cash to anyone, pay merchants, buy Telekom Malaysia Bhd's (TM) iTalk card, Celcom and Maxis reload cards, pay Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) water bills and soon, other utility bills and bus tickets, by just replying to an authorisation PIN to make payment. There are 13,000 merchants linked with Mobile Money.
Mobile Money is targeting 1 million Malaysian mobile phone subscribers to use the MM Wallet. It believe that sending cash via SMS will eventually become a daily way of life for many in the very near future.
Previous entry on Mobile Money
Mobile Money aims for 100,000 vendors.
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