Mobile Money..... what is it all about?
Mobile Money consists of Hong Leong Mobile Credit Card and also Bumiputra Commerce ATM card, both in the cell phone. Application for the mobile credit card and activation of mobile money through BCB ATM machine is totally free. This is the second generation payment system which is gearing towards cashless society. Like it or not, we're heading towards that era.
With Malaysia introducing to this kinda of mobile payment system, Visa has imported its Visa Wave from Japan to Malaysia. Master has introduced its 'Tap-N-Go" system through Southern Master Card. SO silly, fighting against each other.
Telecommunication also war, payment system also at war. Can't they work hand in hand? The answer is no. WHy? Coz' its business. Everyone wants to earn everything themselves. If can't grab the whole cake, at least grab a portion of it. I think I have to learn that.
So how to make payment by using Mobile Money. It's very simple. Merchant will have an 8 digit code. User just need to send an SMS to make payment.
You're in a shop, Body Glove for example, who is the participating merchant of Mobile Money. The shirt that you bought is RM15.90. The merchant code is 95270543 (actually that's my code!) So this is what you sent..... my pin number is 123456 (example)
Send to 95270543 15.90 123456
That SMS is sent to the system's number 66123.
Immediately, user will receive another SMS, to confirm payment by making a miss call to a given number.
After the user has made the miss call, another SMS will be received.
You have paid RM15.90 to Body Glove. Balance in the wallet is RMxxxx and cash rebate is RMxxx.. Accumulated cash rebate is RMxxx.
See how cool is this payment system? After you get discount from the store, you get cash rebate for using the Mobile Money payment system. And you do not have to carry cash along with you. If somebody wants to rob you, go ahead. Give the robbers your handphone, then can't cash out our balance. Firstly because they do not know your PIN number. Secondly, those robbers who are uneducated will not know the SMS command to cash out your money. Cashing out your money will take two working days. IN that two working days, you should have reported the robbery to the police or even call up the Mobile Money Wallet Care Centre to inform them and asking them to stop all transactions until you give them further notice. Either you get back the same handphone number from your telco or change a new number.
There are many SMS commands to be learnt. The commands can be found in the website www.mmwallet.com but not all can be found. The rest is in my head.