How to Propose an online Service Payment Practical of Fintech Company Going to Work

4.        Suggest how practical the proposed fintech company going to work in Malaysia.

        As mention in the introduction, our company offer EM-TF (online payment service).  As a comparison to the traditional bank, the product provided by our company is more convenient and safer to the user to make their payment through using mobile phone instead of bring cards along with them. In contrast, traditional bank provide debit or credit card to their customers to make payments. So it not only benefit our customers, but also promote environmental protection as we do not provide cards to our customers to make payments because cards are made of laminated plastic layers and the core is usually made from a plastic resin which also known as polyvinyl chloride acetate (PVCA).

        Furthermore, due to people nowadays prefer to make their payment, check payment history through online rather than go to the bank and queue up for only making transaction or update, therefore, EM-TF is a suitable service to this segment of people because it save time compare to traditional bank. According to that, people who only wants to make a payment will need to takes longer time in traditional bank which can up to 10 minutes but depends the queue line of customers. Meanwhile, our customer only need to spend a few seconds to sign in to their bank account through our application and check for their payment history or other details within a minute.

        Besides that, as our customers will make payment through our application that they downloaded in their mobile phone, it will avoid from the problems such as losing their cards from stolen or forget to bring their cards when they are out. As such, our company has add a security system which every time the customer wants to log in to their account no matter what device they use and wherever they are, our system will automatically send a so called Porting Authorization Code (PAC) to the customer’s contact number to request for confirmation of the transaction, therefore, it will be more safer to use. Meanwhile, traditional bank also have added a more security system to the cards holder which they will need to use the pin number set by themselves in order to function these cards, therefore, this additional security system can reduce the misuse from thief or other people who steal or pick the card. But the customer of traditional bank will still facing the problem or their cards will be steal or missing.