At a press conference Thursday in Hong Kong, HSBC announced the launch of their beta test program for PayMe for Business, a new person-to-merchant (P2M) payments app in the HKSAR. The beta test will involve 15 local retail businesses and will lead to a general release at a later date.
“PayMe for Business has been developed in Hong Kong to meet the needs of local businesses and is initially available to HSBC Business Banking customers in Hong Kong,” said HSBC in a statement. “It offers a simple way to accept digital payments from PayMe users—via a mobile device—anytime, anywhere.” According to HSBC, the consumer version of the PayMe app currently has around 1.5 million users.
“As societies become more digital, demand for instant payments will continue to grow, and PayMe for Business is a powerful new addition for Hong Kong businesses,” said Terence Chiu, head of commercial banking, Hong Kong, HSBC.
“Over the last year, the value of person-to-person payments using PayMe has grown five-fold,” said Greg Hingston, head of retail banking and wealth management, Hong Kong, HSBC. The launch of PayMe for Business will enhance the ecosystem, and the feedback collected during the beta test will help us enhance customer experience and also prioritize the development of new features that businesses need most.”
Hingston said that HSBC is committed to meeting the needs of Hong Kong customers across the board. “We are successful across all parts of payment services,” he said at the press conference. The success of the PayMe app, said Hingston, is another value-added service—as is the nascent PayMe for Business. He added that the banks P2M would compete favorably with similar tap-to-pay apps like WeChat Wallet and Alipay.
There is no set-up cost to using PayMe for Business, said HSBC. In addition to instant payment collection, PayMe for Business also offers feature, such as instant bank transfer of funds to HSBC business accounts, the ability to process instant refunds through the app, and access to real-time transaction records, said the bank.
Although HSBC declined to give a specific date for general release, transaction fees will be waived for the first three months from that launch date for businesses that successfully download the PayMe for Business app and complete registration. After the offer period, a pricing of 1.5% will be applied per transaction.