HSBC is to launch a P2P mobile payment app in Hong Kong in early 2017, taking on established market operator Jetco.
The bank has a holding page inviting card holders to sign up for the service, promising a HK$20 credit for early birds and up to HK$100 for referrals from friends.
Available to customers from any bank, the Payme app enables cash transfers to friends using just the recipient’s mobile phone number.
HSBC will be entering a mature market. HK ATM operator Joint Electronic Teller Services (Jetco) last year launched a similar P2P service with four local banks onboard. The company, which has more than 30 member banks in Hong Kong and Macao, expects another four banks to join later this year and is planning to roll out the service to Macao with the support of a further eight banks.
Customers of participating banks can directly transfer money to any bank accounts at more than 30 banks, including both participating and non-participating banks as well as non-Jetco banks.
HSBC’s arrival as a go-it-alone entrant in the market is set to stir up some local rivalry. Angus Choi, Jetco CEO says: “Mobile payment is on track to become a part of daily life for Hong Kong public. However, for people to enjoy a truly convenient and barrier-free P2P service, there is a need for one interoperable P2P platform.”