It is a service free of banks and telco dependence; a customer with a credit card or debit card with a cellular phone can register for this service.
All one needs is a GSM phone and a TeleMoney personal identification number, connecting it to a credit card, debit card, stored valued card, bank account or even the phone account.
Systems@Work is the mover behind TeleMoney and Hong Leong Bank has picked the former as its master merchant while the bank acts as a settlement, clearing and payment bank for the service in Malaysia.
Systems@Work's chief executive officer Ng Fook Sun said the company is now working with four companies who will offer Internet and mobile commerce services via TeleMoney: Cordoda Corporation, Nanyang Online, Xchange.com.my and HP Mobile e-services Bazaar.
Meanwhile, Celcom, a telco with a 2.1 million active subscriber base in the country, is also collaborating with Systems@Work in a bid to support the growth of mobile commerce in Malaysia.
Celcom's senior vice-president of group corporate planning and product development Zubir A Rasid said he hopes at least 50,000 out of its 800,000 post-paid customers will sign up for TeleMoney.
"It will initially be offered for our post-paid subscribers," he said.
Celcom subscribers signing up for TeleMoney can use the telco's micro-bill mode of payment which allows them to charge transactions below RM50 (US$13.16) to their phone bill.
Play video
There are currently no comments for this post.