Maxis Communications Bhd expects to record about RM500 million
worth of annual transactions under its newly launched M-money service
by 2010, its group chief executive officer Datuk Jamaludin Ibrahim said.
He said the amount would come mainly through domestic mobile remittances.
“I am very confident that it is only a matter of time (people) will use
virtual money for payment. In the next one or two years, the development
will be rapid,” he told reporters after the launch of the M-money, here
M-money, which is being offered with their banking partner, Maybank, is
said to be the first complete mobile money service offered in Malaysia,
which will enable customers to securely spend and send money anytime,
from anywhere locally, using their mobile phone.
Jamaludin said the new service is expected to be the driver for the
beginning of a revolution in m-Commerce, and that it will be in line
with the government’s initiatives to promote cashless transactions in
The company’s head of product and new businesses Nikolai Dobberstein,
said the international remittance service will offered in the next one
or two months once approval is given by Bank Negara.
Jamaludin said that international remittances are likely to contribute
more than domestic remittances in the future as many Malaysians were
residing overseas especially students.
For the time being, customers can instantly credit into their M-money
account via their mobile phone using Maybank Financial Services (MFS) or
walk in to selected Maxis centres or DropZone outlets.
They can also pay online for movie tickets, buy pizza from Domino’s
Pizza, download contents from Maxis and the new myzone teen portal at
Maybank2u.com and pay their Maxis bills or Hotlink top-up through M-money.
Each transaction will be charged 50 sen and the limit per transaction is
Meanwhile, Maybank’s president and chief executive officer Datuk
Amirsham A. Aziz said at least one million customers are expected to use
the service within the first 12 months.
He said demand for the payment service is expected to escalate to a big
number in the near future.
The banking group will also be working with Maxis to offer additional
services around the concept of “Wave ‘n Pay”, using a mobile phone as a
Touch n’ Go card for transportation or their Visa Wave credit card for