Hong Kong’s HKT expands mobile payment service as part of fintech push

Telecommunications giant HKT has expanded its mobile payment service Tap & Go to allow more online and offline retail payments and greater peer-to-peer transfer options after being granted a stored value license by Hong Kong’s de facto central bank.

Tap & Go was launched in July last year and in August HKT Payment Limited was one of four players to be granted the first batch of Stored Value Facilities licences by the Hong Kong Monetary Authority.

Alex Arena, group managing director of HKT, said the company was committed to providing convenient and secure payment services to all mobile users in Hong Kong as financial technology (fintech) services expand in the city.

“We intend to be an innovator in fintech,” he said at a launch of the new services on Monday.

Tencent’s WeChat Pay, Alibaba’s Alipay Wallet, Hong Kong-based TNG Wallet and Octopus & O! ePay run by Octopus Cards also received licences from the HKMA.

Alibaba Group owns the South China Morning Post.

Mobile payment services in Hong Kong have lagged those offered in other markets, particularly mainland China where 332.3 million, or 49 per cent of the nation’s smartphone users, are expected to pay for goods and services using their devices by 2020, according to research by eMarketer.