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Most Hong Kong consumers are using mobile payments

Nayela Deeba | Dec. 19, 2016
Peer-to-peer transfer services are gaining popularity with consumers in the city-state too, according to JETCO's survey.

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Credit: JETCO Facebook page

A survey by the Joint Electronic Teller Services Limited (JETCO) revealed that 76 percent of consumers in Hong Kong are using mobile payment services, and this number is set to grow in the next 12 months.

The survey — which polled 502 residents aged between 18 and 45 — also found that peer-to-peer (P2P) transfer services are gaining popularity with respondents. Nearly a third (30 percent) said they use the service at least once a week. Forty-three percent of users who have engaged in P2P services also said that they will maintain or increase their use of current P2P transfer services in the next year.

Besides that, 29 percent of those who have never used P2P transfer service said they would like to try out such services. Half of these respondents cited the lack of security on such systems was the biggest reason for not using such services. This is followed by the lack of interoperability between their transfer platforms and those of their friends.

Eighty-nine percent of the respondents revealed that they prefer using mobile payment services provided by banks. This indicates the high level of confidence and trust Hong Kong consumers have in banks.

"To succeed in the mobile payment market, be it bank or tech company, one must be able to bridge the confidence gap between finance and technology. JETCO and banks have been widely trusted in Hong Kong for long. Given that Hong Kong public has confidence in bank services, we therefore enjoy certain advantages in the market," said Angus Choi, Chief Executive Officer, JETCO.