HSBC tests retail e-wallet payments in Hong Kong

HSBC has begun beta testing of its PayMe System for businesses, with 15 retailers in Hong Kong now able to accept payments from customers using the e-wallet app.

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HSBC will compete with AliPay and WeChat Pay. HSBC unveiled this new payment app in Hong Kong in early 2017 aimed at millennials and offering a social aspect in addition to just payments.

In the latest development, it has now introduced PayMe for Business, which is initially available to HSBC Business Banking customers in Hong Kong. It offers a way to accept digital payments from PayMe users – via a mobile device.

“The feedback collected during the beta test will not only help us enhance customer experience, but also prioritise the development of the new features that businesses need most,” says Greg Hingston, head of retail banking and wealth management, Hong Kong, HSBC.

Business accounts customers will be able to download a separate app that allows them to receive payments using QR codes, provide refunds and manage their takings. Business customers also can chat directly with HSBC representatives via the app.

Participating merchants will be able to collect real-time payments from PayMe users by generating a dynamic PayCode via app.

Consumers of the PayMe app can then scan the PayCode to pay for goods and services using funds in their PayMe wallet.

HSBC said it would waive transaction fees to businesses for the first three months, and a fee of 1.5% would be applied to each transaction after that.

There is no set-up cost to using PayMe for Business. Merchants can download the app onto their mobile device and complete the registration process on the spot.

HSBC envisions merchants being able to use the app to make tailored offers to regular customers who opt in.

The bank is expected to add additional retailers out of its business client base in the coming months.

HSBC says it has racked nearly 1.5 million users for its e-wallet in the two years since launch.