Datuk Jamaludin Ibrahim (left) and Datuk Amirsham A. Aziz at the launch of M-money KUALA LUMPUR: Maxis Communications Bhd expects its latest mobile money service, M-money, to record domestic transactions worth about RM500mil per annum by 2010, according to group chief executive officer Datuk Jamaludin Ibrahim.
In terms of take-up, the group expected to have one million M-money customers within the first 12 months, he said.
“M-money represents a tipping point in the emerging mobile banking and payment industry,” he said at the launch of the service, the result of a strategic alliance between Maxis and Malayan Banking Bhd (Maybank) yesterday.
He added that users could instantly credit or cash out money securely from their M-money accounts via their mobile phones through Maybank Financial Services or selected Maxis centres and DropZone outlets.
M-money allows consumers to use their mobile phones to make domestic fund transfers and purchases of selected goods and services up to RM500 in value. A 50 sen fee is charged per transaction.
Maxis plans to extend the service to include overseas money transfer within neighbouring countries once it receives Bank Negara approval.
It will also be working with Maybank to enable mobile phones to be used as a Touch n' Go card for transportation or Visa Wave credit card for purchases.
Maybank president and chief executive officer Datuk Amirsham A. Aziz said M-money was the country's first complete end-to-end electronic money service.
“This partnership gives us an opportunity to explore innovative avenues for expansion and enables consumers to enjoy greater payment and e-commerce convenience via the use of electronic money,” he said. He added that the bank's Maybank2u.com portal, which was now averaging electronic transactions worth about RM3bil per month, was an indication of the growing popularity of e-commerce among Malaysians.
On a separate note, Jamaludin said Maxis would announce the partner for its Indonesian venture in a few weeks.
He said the company was currently in talks with a “couple” of parties but declined to disclose if they were local or foreign.
On whether the group's capital expenditure (capex) would change post-privatisation, Jamaludin said it still remained at RM3bil over the next five years for the operations in Malaysia and India.
The capex for the Indonesian operations was not decided yet, he added.
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