Can you even imagine just a few years ago that so soon will come a time when people like us can use our hand phone as wallet to pay whoever and whatever we want in the comfort of wherever we are using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service)? It’s just so fantastic because just the other day I paid my utility bills like Astro, TNB, Telecom and water bill from the chair in the front of my TV. I was also being able to reload my hand phone at a discounted rate and settle my credit card loans, car loans and house loans via my personal hand phone.
Although not tangible, I am for sure going to save hundreds of Ringgit Malaysia in terms of fuel, waiting time, parking fees and tolls in a year. Not forgetting the anxiety and helplessness I have suffered because of banks operating time and Public Holidays.
Mobile Payment is a point-of-sale (POS) payment made through a mobile device, such as a cellular telephone, a smart phone, or a personal digital assistant (PDA). Using mobile payment method, a person with a wireless device could pay for items in a store or settle a restaurant bill without interacting with any staff member. Mobile payments are used to pay no only for merchandise purchased via mobile channel but also transactions in the physical world such as vending machines, passport photo machines and car wash machines.
One of the example of Mobile Payment Systems that are available in Malaysia such as MMWallet. It is designed by Mobile Money International Sdn Bhd. It is to solve the problem created by cash, credit cards and cheques. Now, users are free to purchase products online and made payment without being physically present at the store. This will definitely boom our e-commerce industry in Malaysia since it encouraged consumers to shop online.
To use Mobile Money, he/she must have a savings, current or credit card account with participating banks. It is like a Credit Card if he/she applies for a "Pay by Mobile Phone" credit card account or be billed by the bank accordingly every month. Besides, it also functions as a Debit Card if it is tied to shopper's savings or current account. The amount will be deducted directly once the transaction is successful from their account.
To encourage consumer to adopt this payment system, super low transaction fee must be introduce compared to what typically being charged by credit card (acquiring banks) at 2.5 to 3%. For e-commerce website integrated with Mobile Money WebLink, the transaction rate is 2.5%, one of the lowest online transaction rate compared to other typically charges such as 3.5% for MOTO transaction and 4.5% for Internet Payment Gateway.
Besides, consumers must be told that it is safe and secure. With Mobile Money, they do not have to be concern of cash /cheque/credit card handling problems or fraud. The Mobile Money Payment System conforms to the stringent requirements set by Bank Negara Malaysia and the participating banks.
Showing posts with label week 5. Show all posts
Showing posts with label week 5. Show all posts
Thursday, February 19, 2009
Wednesday, February 18, 2009
Blog review: E-tailing
This is a review from the post about Dell,a multinational technology corporation that is shifting away from direct sales online. As we all have known, Dell sells their PC and laptops directly to their customers online. However, Dell is slowly shifting away from this successful business model when the growth of PC sales slowed.
Dell impressed many in its early years with its distinct model of supply chain management, selling customized computers directly to customers to meet burgeoning PC demand. Those days appear to be over as Dell's profits and shares have dropped considerably from their peaks in recent times.
Therefore, Dell had announced that it would offer Dimension PCs and Inspiron notebooks through Wal-Mart and Sam's club.
What was Dell's rationale for the recent sales model shift?
Dell's stock price, which had fallen over 30 percent in the previous year while rivals such as Hewlett-Packard had performed much better.
The reason is because today's customers are willing to choose from a smaller number of off-the-shelf PCs and are less concerned with customization. And as PC prices have plummetted, inventory of standardized models turns quickly, and is less of a factor in profitability.
The shifts have converged to dampen dramatically the value of the direct sales channel built around cenralized inventory storage and PC customibility.
Dell impressed many in its early years with its distinct model of supply chain management, selling customized computers directly to customers to meet burgeoning PC demand. Those days appear to be over as Dell's profits and shares have dropped considerably from their peaks in recent times.
Therefore, Dell had announced that it would offer Dimension PCs and Inspiron notebooks through Wal-Mart and Sam's club.
What was Dell's rationale for the recent sales model shift?
Dell's stock price, which had fallen over 30 percent in the previous year while rivals such as Hewlett-Packard had performed much better.
The reason is because today's customers are willing to choose from a smaller number of off-the-shelf PCs and are less concerned with customization. And as PC prices have plummetted, inventory of standardized models turns quickly, and is less of a factor in profitability.
The shifts have converged to dampen dramatically the value of the direct sales channel built around cenralized inventory storage and PC customibility.
The application of pre-paid cash card for consumers
What is pre-paid cash card
A prepaid cash card can be explained as a card issued by a bank or building society enabling customers to pay for goods by inserting it into a computer-controlled device at the place of sale, which is connected through the telephone network to the bank or building society. A prepaid cash card allows consumers to purchase something even when they don’t have the cash to pay for it. It benefits consumers in their everyday life.
Applications of prepaid cash card
Prepaid cash card can be used for several applications, for examples :
1. Consumer can shops at anywhere anytime
As long as your account has money, u can shopping at anywhere and anytime just with
a prepaid cash card. The prepaid cash card can be used for shopping in the grocery which
has the machine which accept the applications of prepaid cash card, make a on9 shopping,
pay for phone, buy pump in the petrol station, and etc.
2. Transfer money
A prepaid cash card can let the consumer transfers money to friends or family either in
the local or overseas. Some prepaid cash cards are provide the features that can let
consumer make transferring between two prepaid cash cards via bank wire transfers.
3. Act as a replacement
As a replacement for travelers cheques or travel cash for a low cost alternative to paying
for goods and services abroad. Consumer buy prepaid cash card dominated in the currency of destination, and then use them to withdraw cash at ATMs or buying goods or services. It is indeed a great way to carry prepaid cash card since it is much safer and more secure than carrying a large amounts of cash for travel.
4. ATM
With a prepaid cash card, consumer can make withdrawal at the ATM machines.
5. Pay for toll, parking, LRT
Touch n Go, one of the type of prepaid cash card. This is a useful prepaid cash card that
most of the consumer using it in Malaysia. It provide a lot of convenience for us. It can let
consumer pay toll on the highway, pay parking fees in the shopping mall, even more,
consumer can pay for LRT's tickets rather than waiting a long queue to buy at counter.
What are the benefits of using prepaid cash card?
1.Purchase protection
Mostly of the prepaid cash card now providing the feature of purchase protection and even
better this comes at no extra cost. That means, if the consumer use the prepaid cash card
to purchase goods or services in full and, if goods or services fail to arrive, you may be
entitled to a refund of the money you have spent on them using your card.
2. Free balance alerts
Some of prepaid cash card center is provides the service of informing their consumer how
many balance they still having in the account.
3. To help with budgeting
If you have ever had any concerns about overspending or splashing out, some of the prepaid cash card may provided the answer. You can control your budget, as you pay for what you top up onto your account. That is another special feature that provided by some of the prepaid cash card providers, they will providing the service of helping the consumer to budget their accounts.
A prepaid cash card can be explained as a card issued by a bank or building society enabling customers to pay for goods by inserting it into a computer-controlled device at the place of sale, which is connected through the telephone network to the bank or building society. A prepaid cash card allows consumers to purchase something even when they don’t have the cash to pay for it. It benefits consumers in their everyday life.
Applications of prepaid cash card
Prepaid cash card can be used for several applications, for examples :
1. Consumer can shops at anywhere anytime
As long as your account has money, u can shopping at anywhere and anytime just with
a prepaid cash card. The prepaid cash card can be used for shopping in the grocery which
has the machine which accept the applications of prepaid cash card, make a on9 shopping,
pay for phone, buy pump in the petrol station, and etc.
2. Transfer money
A prepaid cash card can let the consumer transfers money to friends or family either in
the local or overseas. Some prepaid cash cards are provide the features that can let
consumer make transferring between two prepaid cash cards via bank wire transfers.
3. Act as a replacement
As a replacement for travelers cheques or travel cash for a low cost alternative to paying
for goods and services abroad. Consumer buy prepaid cash card dominated in the currency of destination, and then use them to withdraw cash at ATMs or buying goods or services. It is indeed a great way to carry prepaid cash card since it is much safer and more secure than carrying a large amounts of cash for travel.
4. ATM
With a prepaid cash card, consumer can make withdrawal at the ATM machines.
5. Pay for toll, parking, LRT
Touch n Go, one of the type of prepaid cash card. This is a useful prepaid cash card that
most of the consumer using it in Malaysia. It provide a lot of convenience for us. It can let
consumer pay toll on the highway, pay parking fees in the shopping mall, even more,
consumer can pay for LRT's tickets rather than waiting a long queue to buy at counter.
What are the benefits of using prepaid cash card?
1.Purchase protection
Mostly of the prepaid cash card now providing the feature of purchase protection and even
better this comes at no extra cost. That means, if the consumer use the prepaid cash card
to purchase goods or services in full and, if goods or services fail to arrive, you may be
entitled to a refund of the money you have spent on them using your card.
2. Free balance alerts
Some of prepaid cash card center is provides the service of informing their consumer how
many balance they still having in the account.
3. To help with budgeting
If you have ever had any concerns about overspending or splashing out, some of the prepaid cash card may provided the answer. You can control your budget, as you pay for what you top up onto your account. That is another special feature that provided by some of the prepaid cash card providers, they will providing the service of helping the consumer to budget their accounts.
Friday, February 13, 2009
Credit Card debts
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A credit card allows user to buy things even though they might not have the money to pay for it right away. Credit card debt is the result of credit card misuse. The problem is that people use their credit cards too often and let their debt add up. Then they can only pay back small amounts at a time. This ends up costing a lot of money in finance charges.Credit Card debt causes
1 . Missing payments
The fastest way to get into credit difficulties is by not repaying the minimum payment required. Missed payments may result in the card being refused at retailers until payment is made. Worse still, this will affect the user’s credit rating.
1 . Missing payments
The fastest way to get into credit difficulties is by not repaying the minimum payment required. Missed payments may result in the card being refused at retailers until payment is made. Worse still, this will affect the user’s credit rating.
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2 .General overspending .png)
Spending on a credit card is borrowing money. It is a debt and must be repaid at some point. The smart card user only uses the card in place of cash, or to obtain a purchase they can afford, if they can pay off the cost over time.
3.Clients being loyal to credit card providers .User changes his or her credit card provider once the low or interest free period is over. Besides, credit card companies have no loyalty to user .
4.Having too many credit cards .The more credit cards a person has the more likely they are to use them.
5.Expensive payment protection insurance
Some cards offer payment protection insurance, but premiums are often high and the conditions of payout complicated. The best insurance against inability to pay is to pay as much as possible, as regularly as possible, and limit unnecessary spending. .png)
6.Get professional advice
There are four main agencies that offer free, impartial advice for those in debt: the Citizens Advice Bureau, the Consumer Credit Counselling Service, National Debtline, and Payplan. These are non-profit making organisations that guide those in debt through the options available to them. The companies ultimately make money from a card holder’s debt.
There are four main agencies that offer free, impartial advice for those in debt: the Citizens Advice Bureau, the Consumer Credit Counselling Service, National Debtline, and Payplan. These are non-profit making organisations that guide those in debt through the options available to them. The companies ultimately make money from a card holder’s debt.
FOR EXAMPLE: MAS.png)
TERCARD.COM /visacard,com/citi.com .png)
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TERCARD.COM /visacard,com/citi.com .png)
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Citi ,visa, master card continue to offer variety service to their cardholders via internet service.png)
- Stop debt growing
1. Move debts to the lowest interest rate available. Card holder with a good credit rating can always ring and ask the credit card company for a lower rate at any time.
- 2. Get a copy of your credit report. Your credit report is your bill-paying history. Check for errors and contact merchants if you have questions. You are entitled to a free credit report if you have been turned down for a loan or a credit card.
- 3.Balance transfer credit card deals give user an excellent chance to shift their balances to one card with low or zero interest rates.
- 4.To avoid having too many credit cards, a person should only use one or two at a time.
- 5.Consideration is user balance transfer card's limit. The amount of balances cannot exceed a credit limit of balance transfer credit card. User make sure, the grace period is long enough to pay off the entire balance.
- 6.Evaluate own financial situation. Start with a list of credit card companies rates. Actually, it may be pretty tough to manage a big amount of credit cards.
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