![]() To bring high-quality digital payment services to Hong Kong and Macao residents, Tencent will continue to explore opportunities with other organizations in future, said Royal Chen Qiru, vice-president of Tencent Financial Technology.Īt the end of 2018, Tencent launched cross-boundary mobile payment services for Hong Kong residents to settle payments on the mainland with their Hong Kong version of WeChat Pay. ![]() Vice-president of Tencent Financial Technology To bring high-quality digital payment services to Hong Kong and Macao residents, Tencent will continue to explore opportunities with other organizations in future These will allow users to settle bills at thousands of shops in Macao with Hong Kong dollars through their Hong Kong version of the WeChat Pay Wallet. Internet titan Tencent announced on Monday it would expand cross-boundary mobile payments to Hong Kong and Macao. Hong Kong shoppers will be able to make purchases with WeChat Pay Hong Kong in Macao by March - providing further convenience for people living, working and traveling in the Guangdong-Hong Kong- Macao Greater Bay Area. “The company that succeeds in Hong Kong will be the one that learns this lesson.A customer pays his bill with WeChat Pay in Hong Kong. “It is difficult to make money from payments, but they can be the glue that ties together an ecosystem of services,” said James Lloyd, Asia Pacific fintech lead at EY. While the mobile payments companies will be looking to supplant Octopus’ dominant position in the public transport system, ultimately their aim, analysts say, will be to create a wider network of services, which could range from food delivery and ride hailing, to financial services and lending. ![]() Tencent did not respond to a request for comment, and AlipayHK said that e-payment on public transport is something that the company “is actively working on”. Visa has said it will bid for the MTR tender, and market insiders expect Alipay and WeChat Pay to also participate.Ĭheung declined to comment on Octopus’ plans for the tender. In September, the central bank plans to roll out a faster payment system that will allow for real-time processing. This month, MTR Corp is inviting tenders to create a new QR code-based payments system for traveling on the city’s subway system. WeChat Pay does not disclose its user numbers in Hong Kong. The city has become an important testing ground for Tencent’s WeChat Pay, and Alibaba’s Alipay, dominant rivals in mainland China, as they look to establish themselves overseas.ĪlipayHK, a joint venture between Ant Financial, Alibaba’s payments arm, and the Hong Kong conglomerate CK Hutchison, says the number of its users have jumped 50 percent to 1.5 million since March. “Hong Kong is probably a little behind other places when it comes to digital payments, so we are seeing a rush to establish a first mover advantage,” said Fergus Gordon, who leads Accenture’s Asia-Pacific banking practice. REUTERS/Bobby YipĬhinese tech giants like Tencent and Alibaba are bringing their payment platforms to a city that has long thrived on cash and credit cards, putting them into competition with the likes of Google, Apple and Samsung, as well as local players like HSBC. Labels of digital payment (from top) VISA, WeChat Pay and Alipay are displayed outside a boutique at a shopping mall in Hong Kong, China July 31, 2018.
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