HKT Trust & HKT Ltd. (06823.HK), which provides telecommunications and related services, is making a play for the mobile payment market.
The company has established a new unit, HKT Payment Ltd., to tap into the fast-growing mobile segment, the Hong Kong Economic Journal reports, citing managing director Alexander Arena.
The move comes as rival SmarTone Telecommunications Holdings Ltd. (00315.HK) is set to launch mobile payment services next month, sources said.
HKT Payment features mobile wallet, online shopping payment and peer-to-peer money transfer using near field communication (NFC) technology.
The service will be operated jointly with MasterCard Inc. and Dah Sing Banking Group Ltd. (02356.HK).
It will run on Android devices, as well as Apple’s iPhones at a later stage, Arena said.
HKT Payment plans to sign up more banks to provide automatic top-up services to its mobile wallet users.
Existing subscribers of HKT, CSL and 1010 can make the switch by changing their SIM cards to allow their NFC-enabled Android smartphones to operate the service.
Mobile payment using multi-purpose stored value facilities such as mobile wallet is a growing segment.
The Hong Kong Monetary Authority is planning legislation to regulate the market.
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