Octopus’ transport payment monopoly under threat? – 8 in 10 passengers would pay by e-wallet or QR code if they had the option, claims Visa
Ubiquitous card is currently the only major form of cashless payment format offered for the MTR, trains, buses, tram and ferry services in Hong Kong – but all that could be about to change
Eight out of every 10 public transport users in Hong Kong would use electronic payment systems such as Alipay, WeChat Pay, contactless credit cards or quick response (QR) codes if they could, according to a new survey released on Tuesday.
The findings, by card payment service Visa, suggest that Octopus cards – which have a monopoly on contactless payments for public transport in the city – could now be under threat from a plethora of new arrivals, most of which are smartphone based.
Hong Kong Monetary Authority (HKMA) launched its largest ever reform of payment methods on Monday.
Hong Kong customers of Alipay and WeChat Pay, the two dominant cashless payment operators in mainland China, will be able to transfer funds from each other for the first time, through HKMA’s new Faster Payment System.
The service will be available from September 30, with customers of 10 e-wallet operators as well as 21 banks – including HSBC, Hang Seng Bank, Citibank, Standard Chartered Bank, Bank of East Asia and Bank of China Hong Kong – now able to register for the service.