New | Paying by smartphone? New fintech app from JETCO to facilitate small money transfers

Hong Kong has a new app that allows users to transfer money to other individuals over smartphones -- something that could be useful when divvying up a meal expense, or paying for small transactions.

Joint Electronic Teller Services (JETCO) on Tuesday launched a peer-to-peer inter-bank platform, a mobile application that enables cardholders of three local banks to transfer money to other individuals for free.

China CITIC Bank International and Shanghai Commercial Bank are offering the service while Wing Lung Bank will start in May. A total of 14 banks are expected to join the platform by the end of the first half of 2017, Angus Choi, JETCO chief executive officer, said.

Any individual with an account in a Hong Kong bank can be the money receiver, as long as they download the JETCO Pay P2P Collect app to their Android or iOS devices.

The launch of JETCO Pay P2P app follows last week’s debut of “O!ePay” of Octopus Cards Limited , which allows Octopus card users to transfer money to associates using the app.

The maximum capital for both apps is HK$3,000 per two days, a limit set by the Hong Kong Monetary Authority.

“The most unique feature of JETCO Pay is that users can transfer money without topping up cash to the platform in advance. It is not an electronic wallet,” Choi said, adding that the firm wants to develop Hong Kong’s mobile payment market and is seeking cooperation opportunities.