Joint Electronic Teller Services Ltd. (JETCO) is partnering with China CITIC Bank International Ltd., Shanghai Commercial Bank Ltd. and other lenders to launch a peer-to-peer mobile payment transfer platform.
JETCO announced the new service after rival Octopus Cards Ltd. launched its own e-wallet service, the Hong Kong Economic Journal reports.
Altogether, 14 banks will introduce the JETCO platform in the second quarter next year, said JETCO Hong Kong chief executive Angus Choi said.
The service allows customers to use a mobile phone number to do transactions in contrast to the Octopus card which requires NFC (near field communication) connectivity.
Octopus Cards Ltd. typically takes three days to process registrations and requires the user’s identity card and proofs of address, among others.
JETCO’s platform requires a bank account number, a mobile phone number and a password.
Both platforms are free of charge.
The maximum transfer amount is capped at HK$3,000 (US$387) for any two consecutive days.
Choi said he envisions the service to become a mainstream payment method.
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