Mobile payment systems have been developed in recent years to facilitate purchases of products, services, and content in mobile and electronic commerce and at physical points of sale in Malaysia. Mobile Payment is paying for goods or services with a mobile device such as a mobile phone, Personal Digital Assistant (PDA), or other such device. They can be used in a variety of payment scenarios such as music, videos, ring tones, online game subscription or items, wallpapers and other digital goods. Typical usage entails the user electing to make a mobile payment, being connected to a server via the mobile device to perform authentication and authorization, and subsequently being presented with confirmation of the completed transaction. (http://en.wikipedia.org/wiki/Mobile_payment)
There are four primary models for mobile payments:
- Premium SMS based transactional payments
- Direct Mobile Billing
- Mobile web payments (WAP)
- Contactless NFC (Near Field Communication)
In comparison with other platforms upon which electronic payment is based such as the personal computer(PC) and smart card, the proposed mobile phone has many advantages, which might make it possible to become universal electronic payment vehicle in the future.
The PC lack of hardware based protection measures, is not a secure platform to conduct electronic payment. The rampant identity theft and spreading of virus and other malicious codes highlight the weakness of the PC in security. Although the recent trusted computing initiative from Trusted Computing Group aims in part to address the security issues through both hardware and software based approaches, the open system nature of the PC, which can install and run arbitrary software, makes it difficult to be trustworthy.
However, the mobile phone can be designed to be more secure such as embedded (Trusted Platform Module) TPM to secure chip and storage, tamper-proof mechanisms to secure the input and output, securely crafted operating system (OS) to insulate itself from tampering and bypassing by applications running above. This may be easily achieved due to the fact that the mobile phone is not an open system. The OS, especially the device drivers, cannot be modified by end users, and applications cannot be arbitrarily installed by end users. Moreover, the mobile phone has the merit of mobility over the PC, and even the laptop is awkward to carry comparing
with a handset.
The smart card has the advantages of ease of use, easy to carry, and security, which are shared by the smart phone. However, the smart card doesn’t provide trusted input and output, and it has to interface with smart card reader that is further connected to a PC. For example, if the transaction requires the user to key in some sensitive data, it is at risk of being intercepted and the data shown in the computer monitor may not be the same as the data transmitted to the smart card.
For example, Visa has move beyond the pilot phase of its first commercial mobile payments service for point-of-sale transactions with Maxis, Maybank, and Nokia all part of the company's first commercial program of this nature to launch in Malaysia. Using Near Field Communications (NFC) technology, consumers can purchase an NFC-enabled mobile device and use it to make Visa payWave-enabled transactions at the point-of-sale instead of using their payment card.
Maxis, Maybank, and Nokia have teamed with Visa to offer Visa payWave on mobile devices. The service allows Maybank Visa account holders to use a specific NFC-Nokia handset in front of a reader to complete a Visa transaction. Maybank Visa account holders can also download their Visa payWave credit account details directly to the Nokia handset over the Maxis wireless network. (http://www.theedgemalaysia.com/technology/16929-visa-rings-in-on-mobile-payment-space.html)
(http://www.mis-asia.com/news/articles/worlds-first-contactless-mobile-payment-system-launches-in-malaysia)
The San Francisco coffee outlet at KLCC is already equipped with the Visa payWave that allows for mobile payments via NFC.
Mobile Banking (m-banking) and mobile Payment (m-payment) solutions in Malaysia are very diverse in nature. Mobile operators trial with diverse solutions, none of them using the phone as an overall means for real-time banking and payment instructions. Only a few banks provide true m-banking solutions that enable customers access to their current e-banking systems using a Java client on their phone.
For instance, Celcom offers a simple and standardized platform for m-Banking and m-Payment (known as Celcom Mobile Financial Services). Celcom selected paybox as its solutions partner to set up a holistic mobile Banking and Payment solution that will allow customers to access their accounts at any bank, at a minimal investment by the participating banks.
(http://broadband.lankapo.com/?p=91)
As to the end of this blogging topic, in order for mobile payment to succeed and achieve widespread acceptance, we need to strengthen consumer confidence in safety, security and reliability of mobile networks as a mean for consumers to access financial services. Indeed, mobile digital signature, which ensures the confidentiality, authenticity and integrity of payments initiated from mobile phones, which is one of the ways forward towards building a secure mobile infrastructure that is conducive for the delivery of financial services.
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