Mobile wallets saw a major push in 2019, with a flurry of new players entering the market as well as incumbents continuing to heavily promote their products. In July 2019, AliPayHK was granted a licence to expand throughout mainland China, which would allow visitors from Hong Kong to use their own currency.
Launched in September 2018, FPS is one of several initiatives launched by the Hong Kong Monetary Authority aimed at digitising and modernising Hong Kong’s banking infrastructure. Connecting banks and store-value facilities (SVFs) on a single platform, the system will allow citizens to transfer funds anytime and anywhere, making mobile payments almost instantaneous and user-friendly thanks to the use of phone numbers and email addresses as proxies for bank accounts.
One of the major stories of 2019 was the decision by the Hong Kong Monetary Authority to introduce a new Virtual Banking Licence (VBL) standard, which it granted to eight banks in 2019. The goal of this new licence is to usher Hong Kong into the era of smart banking by disrupting the traditional banking system and allowing 100% digital banks to flourish, thereby increasing competition.
After launching PayMe, a mobile app allowing people to send money to each other in a peer-to-peer fashion, HSBC decided to expand its product to merchants in 2019 by introducing PayMe For Business. The new app will allow customers to make payments at participating merchants using a QR code-based system.
The race for frictionless payments continued in 2019, with several companies continuing to innovate and bring new features to the market in an effort to make everyday payments cheaper and faster. Standard Chartered for example introduced SC QR Cash, a new way for its customers to withdraw cash at its ATMs without the use of a card.
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Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
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