IBSI Announces Subscription Flexibility !

IBS Journal now starts at £9 per issue, and custom Reports at 40% off

Eight banks in Hong Kong have launched QR-based payments acceptance in partnership with Joint Electronic Teller Services Limited (JETCO).

The banks in question are Bank of Communications (Hong Kong), Bank of East Asia, Chong Hing Bank, Dah Sing Bank, ICBC (Asia), OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank.

The new service will enable users to make in-store QR payments, while in-app payments can be completed by entering a mobile phone number. JETCO added in its statement on the matter that as the service is linked to a bank account, users don’t need to worry about topping up.

“There is a large cash and cheque market in Hong Kong that is untapped. JETCO Pay Merchant Payment service aims to serve this market segment by providing a mobile payment solution that is low-cost and easy to set up,” said JETCO executive office Angus Choi.

Related: Hong Kong Monetary Authority releases guidelines for challenger banks

“We are grateful for the support of the eight banks who will be gradually rolling out this service. We share with them the common goal of enlarging the mobile payment ecosystem and accelerating the pace of Hong Kong to become a cashless society, bringing benefits to everyone.”

JETCO is currently in the process of converting 18 million debit cards to virtual replacements. The firm is also aiming to roll out cross-border payment services in China later this year.

“Our objective is to establish JETCO Pay as a major payment brand in Hong Kong offering consumers easy access to the service not only locally, but also when they travel overseas,” added Choi.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com