JETCO has launched its JETCO Pay Merchant Payment QR code and online payment service in collaboration with eight Hong Kong banks.
The new service will allow consumers to make in-store payments easily by scanning a QR code with their mobile devices, and complete in-app or online payments by simply inputting their mobile number. The daily maximum payment limit is $5,000.
With services linked to bank accounts, customers will not need to top up, while merchants will reap the benefits of a no-cost, easy to set up payment service.
The eight participating banks are Bank of Communications (Hong Kong), Bank of East Asia, Chong Hing Bank, Dah Sing Bank, ICBC (Asia), OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank.
Customers will also be able to use the JETCO Pay merchant payment’s in-app feature to pay for parking through Link Asset Management's new Park & Dine App, which debuted late last month and will be rolled out across Hong Kong in the food and beverage sector, property management groups, entertainment venues and schools in the coming months.
JETCO is also involved in an initiative to convert its 18 million issued JETCO debit cards into virtual cards which will be usable across all channels. Consumers can use mobile phones to settle payment and withdraw money from ATMs.This initiative supports Hong Kong Monetary Authority (HKMA)'s Faster Payment System, which is expected to be launched in September this year.
“There is a large cash and cheque market in Hong Kong that is untapped. JETCO Pay Merchant Payment service aims to serve this market segment by providing a mobile payment solution that is low-cost and easy to set up,” JETCO CEO Angus Choi said.
“We are grateful for the support of the eight banks who will be gradually rolling out this service. We share with them the common goal of enlarging the mobile payment ecosystem and accelerating the pace of Hong Kong to become a cashless society, bringing benefits to everyone.”
JETCO is also planning to roll out cross-border payment service in Greater China in the second half of this year. "We plan to roll out in Taiwan first, allowing JECTO's consumers to make mobile payment easily when they travel in Taiwan," he said.