Octopus O! ePay users can top-up their PayPal accounts instantly under a new collaboration between the two electronic payment firms.
The deal allows users to transfer money from O! ePay Plus or Pro accounts, which can be topped up by Octopus card, cash or bank transfers, to their PayPal account.
Joining hands with PayPal creates a strong combination that allows users to pay globally with their Octopus card, said Octopus Cards Limited chief executive Sunny Cheung.
It can meet the demands of customers, especially millennials, who want to shop online but don’t use or have credit cards, Cheung added.
The collaboration gives Hong Kong customers access to 19 million businesses and stores globally, said William Ip, director of large enterprise and marketplace, PayPal Hong Kong, Korea and Taiwan.
The surge in online shopping has boosted the number of active local online payment users by 10 percent yearly over the past two years, Ip said.
Currently, the local e-commerce market generates an annual revenue of US$4.155 billion, according to market research firm Statista.
PayPal projects that by 2022, this market will grow to US$5.8 billion, he said.
Using the Octopus card to top-up a PayPal account is not much different from transferring money from a credit card, but the new collaboration offers more choices to the public, Ip said.
The companies currently set the daily limit of fund transfers to HK$7,999.
PayPal does not apply in the top-up service the two-factor authentication widely used in online financial services provided by local banks and companies.
However, Ip said the current set-up provides enough security for the service while being convenient.
As a limited offer, the first 5,000 users signing up for the service will get a HK$50 rebate for top-up transactions worth HK$200 or more, the two companies said.
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