Mobile payment, P2P transfer services are gaining popularity in Hong Kong, survey finds

Mobile payments and peer-to-peer (P2P) transfer services are gaining traction in Hong Kong, according to a recent Jetco survey which showed three quarters of respondents using the former and almost a half using the latter.

The survey, commissioned by the cash machine operator and carried out by consumer research firm Cimigo, found that 76 per cent of those polled were users of mobile payments, while 43 per cent make P2P transfers. Both services are most popular among users aged between 26 and 35 years of age, according to the survey.

“Today, using mobile payments is more secure than credit cards,” Jetco chief executive Angus Choi said. “A credit card is a piece of plastic, everything is static. But mobile phones have anti-hacking, online fraud detection.

“Going forward, there will be more technology to strengthen the security part of mobile payments.”

Almost 90 per cent of the 502 respondents said that they would choose to use a mobile payment system offered by banks, as consumers perceive it as more secure.

The survey also found that more than 70 per cent of mobile payment users in Hong Kong used the service for settling bills. Fifty-six per cent of users linked their bank accounts or credit cards to a mobile payments system to increase their payment options.

Mobile payments services in Hong Kong include Apple Pay, Android Pay, WeChat Pay, Tap & Go and Jetco Pay. Most of these services were only introduced to Hong Kong this year, making the city's mobile payments market a nascent one compared to mainland China, where more than 450 million users subscribe to mobile payment services like Tencent Holdings' WeChat Wallet and Alipay run by Ant Financial Services Group.