The Octopus card's broad reach has made it a popular way to pay transit fares and shop at retail chains in the city - and soon in Shenzhen as well.
Nineteen out of 20 Hongkongers have the smart card, and more than two million hold a personalised one.
But the Octopus's many tentacles allow it to collect a broad range of data about its users' day-to-day activities, and that has prompted the privacy watchdog to investigate how the company behind it handles their personal information.
Privacy Commissioner Roderick Woo Bun said his office would look into the Octopus card system after it spotted potential privacy issues, especially with personalised cards.
With more than 11 million transactions a day, valued at over HK$100 million, Octopus is said to be the world's most used smart card system.
Octopus Cards Ltd says it has issued more than 20 million cards since they were launched in 1997.