Mobile Wallet User Base Quickly Doubling To 4 Million

From the Star Online version, Malaysia’s most widely-read English-language daily and Sunday newspaper we learn once again about the growing base of Mobile Wallet users and how quickly it is expanding. PETALING JAYA: Mobile Wallet Sdn Bhd, soon to be listed and trading on the Mesdaq, expects it Mobile Wallet subscribers to double to around 4 million users by the end of 2007.

Just like most other cellular mobile payment services now emerging around the globe, the ‘Mobile Wallet’ allows customers to use their cellular phone to make a pre-paid payment instead of cash or credit cards. The company chairman, Wong Say Ho, speaking at an event stated that their Mobile Wallet was targeting to capture 20% of the current mobile user base of over 20 million.

He also stated that while last month the company had appointed 400 new agents (to facilitate the membership registration and sale of reloads) however their current plans were to increase their agent network to up to 30k agents and pair up with at least 10k more by years end.

The company’s proprietary mobile commerce technology, Mobile Wallet, provides wireless payment services for the purchase of, among other things, prepaid reloads for mobile users, insurance, entertainment, ticketing, advertising and utility bills.

Once again, making green cash money more and more obsolete. We are all still waiting for this type of convenient service to flood over the US.

Mr. Ho also said regarding recently completed additional funding that, “The fund will enable us to venture abroad into neighboring countries like Thailand, Indonesia and the Philippines as well as to tap the huge opportunities in China next year,” he added.