Octopus card stored value limit set to rise to HK$3,000 on December 1 as e-payment competition heats up in Hong Kong
- Operator Octopus Cards says the move aims to cater to customers’ changing needs
- More than 36 million Octopus cards and products are in circulation and the payment system handles 15 million transactions a day
Shoppers in Hong Kong can store up to HK$3,000 (US$385) on their contactless Octopus cards from December, a threefold rise from the existing limit, as competition heats up on electronic payment in the city.
The operator of the electronic payment system, Octopus Cards, had floated the plan three years ago when it renewed its licence on stored value facilities. It said on Friday the move aimed to cater to customers’ changing needs.
“From a fast electronic way to pay fares on public transport, the Octopus payment system has expanded to encompass the retail sector covering all walks of life including entertainment, bill payment, charity, online and offline,” CEO Sunny Cheung Yiu-tong said.
Under the scheme, customers can also make payments of up to HK$3,000 at designated Octopus merchants, including Sogo, ParknShop and Wellcome Supermarket.
Cheung had said in 2016 that the legal limit could be boosted to HK$3,000 per card when the company was set to renew its licence that year.