Hong Kong cashless payment operator Octopus launched QR code services last week targeting small merchants.
Merchants only need to download the Octopus app and upload the required documents to set up a O! ePay account. Following successful application, merchants will get a QR code for customers to scan and make payment.
Octopus has taken a while to launch its own person-to-merchant platform after its person-to-person platform.
Currently, there are over 30 million Octopus cards in circulation in the city. It will take some time to convince these customers to use the new function, but it should not be that difficult, particularly if there are proper promotion incentives.
In the meantime, China’s leading mobile payment players like Alipay and WeChat Pay are expanding their presence in the Hong Kong market.
The local mobile payment landscape would thus come to a turning point in the next two years as the rivalry among local and Chinese operators escalates. Nonetheless, they could also work out collaboration plans to jointly cultivate the market.
This article appeared in the Hong Kong Economic Journal on Dec. 6
Translation by Julie Zhu
[Chinese version 中文版]
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