Saturday, November 18, 2017
 
Columnist
Martin Hennecke

Ways to pay are weighed
 
14/11/2017
 
The senior executive director of the Hong Kong Monetary Authority, Howard Lee Tat-chi, said he supports the launch of a faster payment system in which banks and stored-value facility operators can participate.

This could be through the use of mobile phone numbers or e-mail addresses for payments in Hong Kong dollar or yuan at any time and anywhere.

Lee noted too in a blog that the development of cashless payment options in Hong Kong and the mainland are on different paths. Hong Kong has more than 20 payment options including credit and debit cards and Octopus while China uses mainly mobile payment methods.

He pointed to Sweden as a cashless society, with a spread of 97 percent of citizens holding credit cards, 80 percent debit cards and 60 percent on mobile system Swish.

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