As more service providers join Hong Kong’s mobile payments market, bringing more convenience and secure payment experiences for consumers, mobile wallets have become part of the daily life for many Hongkongers.
To address concerns about the safety of digital wallets, companies have come up with different measures.
WeChat Pay HK, for instance, has a three-layer verification system. Customers have to key in the password, and the verification code of the credit card or debit card, as well as a six-digit password for making payment. And its privacy settings have also been certified by TRUSTe.
The payment platform also allows two-way cross-border transfer. Hong Kong shoppers can hence settle their bills with mainland merchants in Hong Kong dollars. The firm is the first Stored Value Facility (SVF) Licensee that offers such function.
If a Hong Kong customer buys something from a mainland vendor, the app will show the exchange rate quote, and the payment amount will be automatically converted from yuan to Hong Kong dollar. After the customer confirms it, the transaction will be settled. This should be a very handy feature for the Hongkongers who work on the mainland or travel there frequently
Following the recent launch of Faster Payment System by the Hong Kong Monetary Authority, numerous banks and SVF licensees have joined the program, further enriching their mobile payment offerings.
This article appeared in the Hong Kong Economic Journal on Oct 16
Translation by Julie Zhu
[Chinese version 中文版]
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