Tag: hong kong mobile payments

Mobile payments are gaining ground in Hong Kong

| April 1, 2013

Hong Kong Mobile PaymentsHong Kong aims to make mobile payments more common

In many parts of the world, mobile payments have become more than just a passing fad. More consumers are becoming enamored with the idea that they can purchase products using only their mobile device, rather than physical currencies or credit cards. Hong Kong has become one of the most active markets in terms of mobile payments, with many of the consumers that have smartphones and tablets opting to participate in mobile commerce. For some, however, the concept of mobile payments can be somewhat confusion. In an effort to make mobile commerce more accessible, the King Kong Monetary Authority has launched a new initiative to spread awareness of mobile payments.

Study shows growing support for mobile commerce

The Hong Kong Monetary Authority recently finished a study concerning NFC-based mobile commerce. NFC-based systems are currently the most popular mobile commerce platforms in Hong Kong, despite the relatively few NFC-enabled mobile devices that are available to consumers. The study shows that consumers are interested in NFC technology, but also mobile commerce platforms that do not use this technology. The study outlines recommendations concerning future mobile payments initiatives that may take form in the Hong Kong market.

Agency to work to establish NFC mobile commerce infrastructure

According to the Hong Kong Monetary Authority, the study has shown the need for an expansive, NFC-based mobile commerce infrastructure. In order to meet the needs of consumers, the agency will work to develop such an infrastructure and increase the availability of NFC-enabled mobile devices. This infrastructure will have a strong focus on NFC technology, but will also be accommodating to mobile payments that are not based on NFC so as to remain flexible to future trends that may emerge in the mobile commerce market.

Awareness may be key to continued success

The agency is also interested in raising awareness of mobile payments. Many consumers have shown interest in the idea of mobile commerce, but are not entirely sure how to participate. The agency will work to inform consumers how mobile payments work, whether NFC-based or otherwise, in the hopes of making consumers more comfortable with purchasing products using their mobile devices.

PayPal seeks to expand mobile commerce in Hong Kong

| February 28, 2013

Hong Kong PayPal mobile commerceMobile commerce growing in the East

PayPal has been making a strong push into the mobile commerce arena recently. The company has long been involved in the world of online payments, but the proliferation of mobile technology has opened up new forms of commerce that PayPal is eager to take advantage of. The company has announced plans to begin expanding its reach across the global mobile commerce market and has set its sights to the East, showing a strong interest in Hong Kong.

Hong Kong sees major activity in mobile commerce sector

Hong Kong is one of the largest economic hubs in the Asian market. Companies with a strong focus on the online world have seen major progress in Hong Kong over the years and companies native to the region have seen aggressive growth in the Philippines, Argentina, South Korea, Sweden, and Russia. PayPal’s Hong Kong division notes that more consumers are relying on their mobile devices to make payments and research products, giving the company an ample opportunity to provide services to these consumers and the businesses of the region.

PayPal expected to increase activity in Hong Kong

Kerry Wong, managing director for PayPal’s operations in Hong Kong, claims that businesses in the region that use the company’s services experienced more growth than their competitors. These companies grew more than the industry average throughout the last 12 months, and many of these businesses have helped increase the regions exports by 2% thanks to the borderless nature of online trading and sales. PayPal expects that companies using its services will continue to see remarkable growth as they begin to embrace mobile commerce more aggressively.

Estimated $20 billion in mobile payments to be processed in 2013

PayPal has high expectations when it comes to online payments in 2013. The company, which boasts of more than 123 million active users worldwide, estimates that it will process over $20 billion in mobile payments globally this year. This is higher than the $14 billion in mobile payments the company processed in 2012.