Hong Leong Bank Sees More Credit Card Holders with Mobile Payment System
Kuala Lumpur, 22 September 2005
HONG Leong Bank Bhd expects to see its credit card holders rise by 250,000 in the next 12 months, with 100,000 of that coming from its newly-introduced payment system that allows customers to pay for goods and services via mobile phone.
The bank and mobile solutions company Mobile Money International Sdn Bhd signed an agreement to set up the system in Kuala Lumpur yesterday.
Called Mobile Money, the new system is an add-on to existing card products offered; it uses the short messaging service (SMS) to transmit the payment transaction, and is made secure by a personal identification number (PIN).
The product will be called the Hong Leong Mobile Credit Card, and comes with multiple protection levels that ensure that only genuine transactions are approved.
Peter England shaking hands with Lee Eng Sia at the signing of the agreement to set up the Mobile Money payment system.
The bank’s personal financial services division chief operating officer, Peter England, said the system would be launched next month, and expects it to be taken up by a combination of new and existing subscribers.
Hong Leong Bank card services general manager Tham Kah Fook said the bank planned to introduce a proprietary debit card later this year that incorporated Mobile Money into its payment scheme.
This would enable customers to make payments through their savings and checking accounts.
Hong Leong Bank has about 600,000 credit card subscribers, with about RM1bil in receivables, according to England. In terms of numbers, it is ranked sixth in the country.
Press Release - 22/9/2005