Octopus banking: new app will allow Hong Kong customers of Standard Chartered Bank to transfer funds between users

A new app enabling peer-to-peer payment through Octopus cards is being rolled out, but will only be available to people holding a deposit account at Standard Chartered Bank.

The O! ePay App, which will be available for download on ­Android and iOS devices, allows customers to instantly transfer funds between users with Standard Chartered debit or credit cards.

“O! ePay sets a new milestone in combining mobile technology with network-based stored value innovation,” said David Eldon, non-executive chairman of Octopus Holdings.

“This offers a brand new experience in person-to-person mobile payment services, by linking up the widely accepted Octopus card and bringing greater convenience to our customers.”

The social app lets customers make cash-free payments among themselves, allowing friends to split bills and parents to top up their children’s Octopus cards at the click of a button.

Octopus and Standard Chartered say the move is in line with recent efforts to promote Fintech – financial technology – development in Hong Kong.