Apple Pay stimulates once moribund Hong Kong mobile payments market
Other major brand-name mobile payment systems operating in the city now include Samsung Pay, Android Pay, Alipay and WeChat Pay.
More than a year since rolling out its service in Hong Kong, Apple Pay now finds itself competing in a crowded mobile payments market that had total transactions of HK$17.9 billion in stores and HK$11.6 billion online in the city during the first quarter of this year.
Experts said the state of mobile payment services in the city saw a rapid transformation after Apple Pay entered the market in July last year, as rival smartphone offerings affiliated with major brands like Samsung Pay, Android Pay, Alipay and WeChat Pay soon followed.
“Apple Pay has significantly accelerated the growth of mobile payments and transformed how consumers pay in Hong Kong,” said Caroline Ada, country manager at Visa Hong Kong and Macau.
An Apple spokesman pointed out that total transaction volume for Apple Pay in Hong Kong has increased nearly seven times since its launch last year. He did not elaborate.
Apple Pay uses near-field communications (NFC) technology built into iPhones and Apple Watch to allow for contactless payment in stores, which have point-of-sale terminals that support the service.
The credit card networks that Apple Pay supports in Hong Kong comprise Visa, MasterCard, American Express and UnionPay International.