Apple Pay comes to Hong Kong, despite existing, more advanced payment systems
Apple’s contactless payment system is touted as cutting-edge tech, but WeChat and Alipay are years ahead in their digital payment methods
Apple Pay is up and away in Hong Kong, with American Express, Visa and MasterCard customers now able to use their iPhone or Apple Watch to make contactless payments in 10,000 shops and businesses. Since it uses the near-field communications (NFC) technology found in the iPhone 6/Plus (and later), and a finger scan to make a secure payment, Apple Pay is being marketed as cutting-edge technology, but is it?
Apple Pay still ties an existing bank account with a traditional bank to a phone, with no advantages except those faster contactless transactions. It simply digitises an existing bank card. In this region – led by mainland China – e-wallets, such as WeChat and Alipay, the technology used is more advanced.
“Asia has really led the way when it comes to mobile overall, and payments are no exception,” says Norm Johnston, global chief strategy and digital officer at media network Mindshare Worldwide.
“Arguably the WeChat app is the global poster child for seamless commerce integration ... you can make payments, loans and can even apply for visas through the app.”
An e-wallet stores card details, travel documentation, even loyalty cards and other personal documents, says Stuart Thornton from payments processing technology company Worldpay.
“E-wallets work both online and in-store, making them increasingly relevant as consumers ditch their credit cards in favour of their smartphones to make payments,” the company’s vice-president, business development Apac, says.