Hong Kong telecommunications company HKT has expanded its mobile payment service Tap & Go, which was launched in July 2015. It will now allow more online and offline retail payments and greater peer-to-peer transfer options.
HKT was one of the four players to be granted the first batch of Stored Value Facilities licenses by the Hong Kong Monetary Authority in August 2015, according to a report by South China Morning Post (SCMP) on 5 September 2016.
New services announced by HKT include the PaymentPartner service. This service allows users to pay in stores either within an app, online or by scanning a QR code in a brick and mortar store.
Also, parents can use the Tap & Go PayMaster service to control five registered accounts to track payments made by members of the same family. New service PayBuddy will allow peer-to-peer payments between individuals, such as friends settling a restaurant bill.
Mobile payment services in Hong Kong have lagged behind those offered in other markets, particularly mainland China.
In China, 332.3 million smartphone users are expected to pay for goods and services using their devices by 2020, according to a research by eMarketer. This accounts for 49 percent of the nation's smartphone users.
An estimated 195.3 million people (38 percent) in China are expected to shop using their mobile phones this year.
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