The consumer acceptance of mobile payment technology had been increasing nowadays.
Because of its utilities, the mobile payment technology had made the process of making financial
transaction tremendously more convenient for consumers. It was available at anywhere and anytime
without the limitation of the previous payment platform that required customers to travel to the brickand-
mortar branches. Furthermore, from many surveys in Southeast Asian countries, they suggested
that there was a significantly high rate of mobile payment usage among their populations, which
created an interesting topic to study and analyze about the current outlook of mobile payment business
in this region. In this thesis, the main purpose was to study and analyze through the method of
qualitative research by collecting secondary information from reliable sources. For the target of study,
the author had chosen three countries, namely Malaysia, Thailand, and Vietnam, which were all
belonged to the Southeast Asian region to examine and understand the overall present states of the
three markets plus the different characteristics of the nine case studies from those countries. After
that, a theoretical framework would be applied to the study in order to find the major success factors
that contributed to the growth of consumers in mobile payment industry in each country. The result
of analysis found that each individual country had a different outlook at present. They also had various
and distinct success factors that supported customers in their own country to use mobile payment.

TABLE OF CONTENTS
ABSTRACT ................................................................................................................................... I
ACKNOWLEDGEMENT ........................................................................................................... II
TABLE OF CONTENTS ............................................................................................................ III
LIST OF FIGURES ..................................................................................................................... V
LIST OF TABLES ...................................................................................................................... VI
CHAPTER 1 – INTRODUCTION ............................................................................................... 1
1.1 Research Background and Motivation .................................................................................... 1
1.2 Research Questions ................................................................................................................ 2
CHAPTER 2 – LITERATURE REVIEW ................................................................................... 3
2.1 E-COMMERCE .................................................................................................................... 3
2.2 M-COMMERCE ................................................................................................................... 4
2.3 MOBILE PAYMENTS .......................................................................................................... 5
2.3.1 Mobile Payment Categories ............................................................................................. 6
2.3.2 Mobile Payment Technologies ........................................................................................ 8
2.3.3 Mobile Payment Business Models ................................................................................... 9
2.3.4 Stakeholders Involved in Mobile Payments ................................................................... 10
2.3.5 Global Mobile Payment Market ..................................................................................... 12
CHAPTER 3 - RESEARCH METHODOLOGY ...................................................................... 14
3.1 Data Collection .................................................................................................................... 14
3.2 Data Analysis ...................................................................................................................... 15
3.3 Research Scope and Limitations .......................................................................................... 17
CHAPTER 4 - CASE STUDIES OF MALAYSIA, THAILAND AND VIETNAM MARKETS ... 18
4.1 Malaysia .............................................................................................................................. 20
4.1.1 BigPay .......................................................................................................................... 20
4.1.2 Boost ............................................................................................................................. 22
4.1.3 Touch ‘n Go eWallet ..................................................................................................... 23
4.2 Thailand .............................................................................................................................. 24
4.2.1 K PLUS......................................................................................................................... 24
4.2.2 SCB EASY ................................................................................................................... 25
4.2.3 TrueMoney Wallet ........................................................................................................ 26
4.3 Vietnam ............................................................................................................................... 27
4.3.1 MoMo ........................................................................................................................... 27
4.3.2 VietinBank iPay ............................................................................................................ 28
4.3.3 Zalo Pay ........................................................................................................................ 29
4.4 Analysis ............................................................................................................................... 30
CHAPTER 5 - FACTORS CONSIDERED FOR THE SUCCESS OF MOBILE PAYMENTS .... 32
5.1 SOCIO-ECONOMIC CONDITIONS .................................................................................. 32
5.2 PRICING ............................................................................................................................. 33
5.3 TECHNOLOGY AND HARDWARE USED ...................................................................... 34
5.4 ACTORS INVOLVED ........................................................................................................ 35
5.5 MARKETING STRATEGY ................................................................................................ 36
5.6 CONSUMER ACCEPTANCE............................................................................................. 36
5.7 LEGAL REGULATIONS .................................................................................................... 37
CHAPTER 6 – CONCLUSION .................................................................................................. 39
REFERENCES............................................................................................................................ 42

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BigPay (https://www.bigpayme.com
Boost (https://www.myboost.com.my)
Touch ‘n Go eWallet (https://www.tngdigital.com.my)

K PLUS (https://www.kasikornbank.com/KPLUS)
SCB EASY (http://www.scb.co.th/scbeasy)
TrueMoney Wallet (https://www.truemoney.com/wallet)
MoMo (https://momo.vn)
VietinBank iPay (https://ebanking.vietinbank.vn)
Zalo Pay (https://zalopay.vn)