Mobile Payments Service

Mobile payment which is also known as mobile web payment or WAP billing is a point of sale payment made through a mobile device. It is also a collection of money from a customer via mobile devices such as Smartphone, Personal Digital Assistant (PDA), mobile devices and other devices. In addition, mobile money is one of mobile payment services. Mobile money is money in mobile. It enables users to make payment on spot as well as render convenience to users to purchase products such as cinema tickets and air tickets by following short messaging service (SMS) instructions.
In year 2007, Maxis Communications Berhad is on trialing to provide a mobile phone multi payment service incorporating credit card and prepaid transits payment with the co-operation of Maybank, Visa International and Touch `n Go. This technology is only available on Nokia 6131 which is a Near Field Communication (NFC) phone. It allows users to touch their handsets against contactless payment readers to make purchase. It is stated that Malaysia was the first market in Asia Pacific region to offer Visa contactless payment. From that case, the mobile payment service is developing well in Malaysia.
Following are the potentials of mobile payment service:
a) There is still an enormous market shares available in mobile industry.
b) Mobile payment service in Malaysia is still under developing stage.
c) Increase of adoption of mobile payment services due to the increase of mobile phone users.

Following are the strategies of mobile payment service:
a) Increase customer satisfaction and maintain their loyalty.
b) Add value to customer by enhancing security and confidence to mobile users.
c) Educate customers the usefulness of mobile payments

http://en.wikipedia.org/wiki/Mobile_payment
http://www.mobile88.com

Electronic Currency

Electronic currency, also known as electronic cash, e-money, digital currency and etc. It refers to money or scrip which is exchanged only electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money.
You cannot take this money into your hands, count with your fingers or sense its. However, it is real. Electronic money functions also prove its full value. It is the measure of value, payment means, means of circulation and (to a lower extent) means of hoarding. It meets all requirements stipulated for the world finance. That is why, electronic money are used as international payment unit.

The basic feature of electronic money from legal point of view is its emission. The number of electronic money shall be guaranteed with cash. Legislation and civil law of some countries have not yet establish some rules regulating the emission. Thereby, virtual money is still considered electronic monetary obligation of the issuer. The issuer is, mainly, the banks. As banks are not very trusted sometimes so the electronic money use is thus far limited. Government, for its part, issues cash and is very trusted by population and businessmen.

Although digital cash can provide many benefits such as convenience and privacy, increased efficiency of transactions, lower transaction fees, new business opportunities with the expansion of economic activities on the Internet, there are many potential issues with the use of digital cash. The transfer of digital currencies raises local issues such as how to levy taxes or the possible ease of money laundering. There are also potential macroeconomic effects such as exchange rate instabilities and shortage of money supplies (total amount of digital cash versus total amount of real cash available, basically the possibility that digital cash could exceed the real cash available).

Electronic currency has to overcome several obstacles in order to evolve further, 1) being able to use it through a wider range of hardware such as secured credit cards; and 2) linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations (PayPal).

references link(s):

http://www.e-money.com/

http://en.wikipedia.org/wiki/Electronic_money

The application of pre-paid cash card for consumers

Nowadays, pre-paid cash card become common use in our life. Pre-paid cash card is similar as debit card. Before purchase goods or services, the users need to reload money to make payment. It is very convenience for users, more common know by people is touch n go.

The pre-paid cash cared application for consumers include:

1. Drivers can use touch n go to pay toll at all highways in Malaysia, and railways station. It helps users save time because it’s just need to scan and without queue up to purchase ticket. Some of the shopping center allow use touch n go to pay parking ticket.

2. Paying bill like Rent, utilities, insurance, car payment, and cell phone bills can be paid instantly.

3. Recently have numbers of retailer accept pre-paid cash card use to pay buys fuel at the pump, pay by phone, and shop on the Internet.

4. For some prepaid cash card they provide the service Transferring money to friends or family between cards.

5. Withdrawing cash from an ATM at any time.

6. Used as a replacement for travelers’ cash or travel cheques.


In HK, there is the application of a pre-paid cash card called the Octopus card.It is widely used in payment system for transportation, car parks, supermarkets, fast food restaurant and other pint of sale application. Mainly there are two types of Octopus cards, the on-loan card and the payment for airport transport and on-loan card have six categories offered by the company. They can add money to through Add Value Machines.


http://en.wikipedia.org/wiki/Octopus_card
http://www.hong-kong-travel.org/Octopus.asp

Credit Card debts: Causes and Prevention

Nowadays, credit card debts become a serious problem to many people. Credit cards have convenience to us and improve our security when shopping or traveling, but if we misuse credit card it will increase user liabilities

Why credit will lead to people owe huge liabilities? How can we prevent it? Let me discuss to

u all…

Causes:
The major reason cause credit card debt is people only pay the minimum amount and interest, they won’t pay full amount on their spending. The debt will keep increasing. Penalty and high interest will give to user if their late pay or unpaid. Some companies charge yearly membership fees of anywhere from $20 to $100.

People have lost their job, but sundry expenses still need to spend. Without income can’t cover spending. Price of goods and services keep increasing but income reduce or no changing.

Poor money management also a reasons increase credit card debts. Without budget spending plan, we can’t control our spending. We need clear our sundry expenses and extra expenses.

Prevention:
Have to create budget on your spending, try reducing spending and avoiding some unnecessary spending. Monthly income must can cover spending and save fixed amount money into bank

Reduce chances use credit card, pay cash rather than use credit card. It just use for emergencies purpose.

Try paying the full amount on monthly spending, don’t let credit card’s companies charge penalty to your spending. Always check your spending list and spend below income.

http://en.wikipedia.org/wiki/Credit_card_debt

http://www.debtcause.com/

http://www.credit-land.com/articles/articles_page_68600_1881780_120.php