Hong Kong-based Mobile Tech has launched an online payment service that will allow Hong Kong merchants to accept online transactions from mainland internet users. The service has attracted fewer than three clients so far, according to chief executive Sam Lam Kin-keung. Nevertheless, he saw huge demand for the payment system, especially among global internet companies with servers based in Hong Kong. The online service collects payments in renminbi and settles the transaction in Hong Kong dollars. This would make the system ideal for global companies that hope to tackle the vast mainland market but are unsure of how to take profits out of China owing to the yuan's limited convertibility. 'They are a few sectors that would be very amenable to these services, such as educational institutions that provide classes or courses to mainland students,' Mr Lam said, adding he was in talks with several educational institutions. Mobile Tech has signed a non-exclusive deal with China Union Pay to process the transactions. This would give mainland internet users the ability to order goods or services online with a debit card. 'As you know, most mainland consumers don't have Visa or MasterCards,' Mr Lam said. Mobile Tech would receive a portion of the transaction, in addition to a monthly fee. At present, Mobile Tech is targeting merchants that primarily sell virtual goods such as online fax services, data services and mobile-phone services. Physical goods will come later. Although the agreement with China Union Pay is non-exclusive, Mr Lam is not worried other service providers might enter the market. 'You have to prove your company, that you have the capability to do this kind of business and you have the know-how,' he said.