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MM Wallet allows you to send cash via SMS
[June 19, 2006]

MM Wallet allows you to send cash via SMS

(Business Times (Malaysia) Via Thomson Dialog NewsEdge) IMAGINE sending an "ang pow" to your sister, returning the RM100 loan you took from a friend earlier, giving your parents their monthly allowance or even paying for purchases via SMS (short messaging service) on your mobile phone.

All these and much more are now possible with MM Wallet. You can send cash conveniently, securely and instantly to just about anyone, anytime and anywhere via SMS.

A world's first, the innovative MM Wallet is a new service by mobile payment service provider Mobile Money International Sdn Bhd, the company which pioneered payment via the mobile phone in 2005.

The revolutionary MM Wallet enables the mobile phone to function like a wallet with mobile cash inside it.

"MM Wallet is developed to benefit all mobile phone users. So long as one has a mobile phone, he or she can send cash via SMS to any other mobile phone user.

"In other words, both sender and recipient can be subscribers of any service provider," said Mobile Money managing director Lee Eng Sia.

He said the mobile cash in the MM Wallet can be sent to family members and friends as "ang pow" (red packet) during their wedding, to top up pre-paid cards and even pay for your tuition fees.

Users can even pay for their water bill and soon, they will be able to use the same method to pay for their other utility bills.

"MM Wallet fulfills the need for a service that can keeps pace with people's higher mobility and lifestyle today. And with the number of mobile phone subscribers in Malaysia at an all-time high of about 20 million, we believe sending cash via SMS will eventually become a daily way of life for many," Lee said.

There are three ways to have MM Wallet in your mobile phone. You can either choose to visit any MM Wallet TopUp Center and pay cash to get your MM Wallet instantly with the amount you paid credited into it.

Or a MM Wallet will be automatically created for you when another MM Wallet user sends you cash.

For existing MM Mobile credit card holders (from Hong Leong Bank) or Mobile ATM card holders (from Bumiputra Commerce Bank), they will get their MM Wallet automatically and will just need to top it up with cash from either account.

The maximum amount that one can have in the MM Wallet at any one time is RM500. An account balance will be sent immediately after each transaction via SMS. Users will be able to view their transactions online as well.

The topping-up of the MM Wallet can be done at any of its centres nationwide. Mobile Money is currently establishing MM Wallet TopUp Centres starting with the Klang Valley and hopes to have at least 10,000 centres in six months.

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