Octopus banking: new app will allow Hong Kong customers of Standard Chartered Bank to transfer funds between users
O! ePay app will be available for download to Android and iOS devices
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.
“The Octopus card is an indispensible part of Hong Kong people’s daily life,” said May Tan, chief executive officer of Standard Chartered.
“[Standard Chartered] has always been innovative in using technologies to ‘make everyday life easier’ for our customers, just as the Octopus slogan says.
“It is exactly this shared vision that brings us together in this “O! ePay” partnership.”
The app will allow users to review transactions with a private timeline feed format as well as offering the option of inserting photos and images for a personalised touch.
Last month, the company announced that it would raise the cap of money stored on cards threefold to HK$3000.
