mobile money

I was introduced to a new concept, mobile money,to use our mobile phone to store money. This is like an e-wallet that we bring to anywhere without physical cash. It is a revolutionary idea that is being implemented in Malaysia.

If we can use mobile phone as a wallet, we can transfer our money to anybody. We can use our money to pay bills, to do shopping, to pay money to friends, to receive money and bonus...... it is so useful that basically almost do anything that money can do, provided we have a mobile phone.

Businessman will like this idea so much. Our new generations use mobile phone everyday, because it gives us so much convenience. By having money in the mobile account, it is another great invention other than credit/debit card. Shopping has become so easy, online payment can be done instantly. And we don't need to worry our credit card number being known to other. Less cash transaction meaning lesser risk to the businessman.

Merchant can use the mobile money to do referral program as well. Your customer can introduce another customer by a sms referral. Once the deal is done, mobile money directly transfer the entitled referral bonus to the mobile account. So no more cash voucher, no more tracking, no more hectic administration for any promotion that the merchant carry out.

I believe this is going to be a new trend, mobile money! It is a matter of time.