Digital payment game-changer Octopus unlocks full potential of mobile innovation with ‘The Next First Step’
- Octopus is set to maintain its market leadership by intensifying its focus on proprietary fintech solutions and spearheading a mobile-first payment experience that spans online, offline, and phygital realms.
- These innovations will empower Octopus to offer seamless interconnected and international payment experiences in Hong Kong for visitors, and abroad for Hong Kong residents.
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Octopus, the pioneer in tech-driven cashless payment, has unveiled a new generation of mobile payment innovations. These technological advancements are poised to transform Octopus’s platform into a significant lifestyle catalyst and enabler in Hong Kong and beyond.
At the exclusive “Octopus 25+ The Next First Step” anniversary celebration held at M+, marking the company’s 26th year of innovation, a presentation titled “The Next First Step” gave over five hundred guests the first glimpse of Octopus’s upcoming technology platform.
Octopus is poised to offer the world’s first software-based, HCE (host card emulation) contactless e-money payment platform. Because nearly all contactless features are embedded in the SE (Secured Element) of the hardware, it is incredibly difficult for e-money providers to build their platforms for every standard and configuration. Octopus’s new solution will make its technology compatible with all mobile devices, regardless of the operating system, be it iOS, Android, open source, or others.
In a bid to double down on mobile innovation, Octopus will offer its comprehensive range of services online, offline, and through the ‘phygital’ approach, exclusively via mobile, according to CEO of Octopus, Tim Ying.
The ‘phygital’ concept, which merges the digital and physical realms through technology, aims to deliver unique interactive experiences for users.
Octopus is targeting the lifestyle-conscious younger generation. This demographic is increasingly embracing hyper-personalisation technology in various aspects of their daily lives. Octopus is poised to transform the physical retail experience with the upcoming introduction of its next-generation, location-based Octopus readers equipped with built-in mobile connectivity. This advancement will make the shopper’s phygital experience at brick-and-mortar stores on a par with the customised online shopping experience.
Meanwhile, the upcoming introduction of Octopus’s first online payment processing solution will empower its business partners to tailor their unique brand experiences to individual customers, as demonstrated by Ying in his dynamic presentation.
Octopus is currently available in a network of over 180,000 retail acceptance points in Hong Kong, by far the largest in the city.
The company, driven to be a lifestyle catalyst, also envisions that travel will become much easier, through making travellers’ payment experience overseas ultra-swift and hassle-free wherever they are. Additional support from the Octopus platform will let inbound and outbound travellers enjoy diverse payment options, including QR payment, in Hong Kong, Mainland China and Southeast Asia. As coverage expands, particularly in such cash-heavy transportation modes as taxi, the company aims to make digital payments as widespread as possible.
Jeny Yeung, Chairperson of the Board of Octopus Holdings Limited, emphasised that innovation and elevated customer experience are key to staying competitive in the rapidly evolving digital economy.
She also stated that Octopus consistently pushes the boundaries of payment convenience through continuous investment in innovation, aiming to integrate the inherent convenience of Octopus into its online services.
The reception was also attended by MTR Corporation’s top executives, underscoring the strong bond between the two companies.
Octopus, having transformed the experiences of millions of Hong Kong commuters, has been an integral part of Hong Kong’s rail system for the past twenty-six years.
Dr Rex Auyeung, Chairman of the Board of MTR Corporation, pointed out that MTR and Octopus are united in their pursuit of the same goals: connecting individuals, fostering community growth, and simplifying everyday life. “The popularity and widespread use of MTR rail services have helped turn Octopus into a household name and an integral part of everyday life in Hong Kong,” Auyeung noted, adding that MTR’s on-going investments and long-standing relationship with Octopus have contributed to the strong foundation for both to excel together.
“We have full confidence in Octopus’s ability to leverage technology to develop new solutions that make life more connected and convenient, driving future business and creating new revenue streams while living up to its reputation as a beloved Hong Kong brand,” said Dr Auyueng.