Payment solutions to tap local market potential

Updated: 2013-04-05 06:54

(China Daily)

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Mobile commerce, including transaction services and publicity activities through smartphones, are increasing in popularity as various industry players are gearing up to tap the city's m-commerce business potential.

Global Payments Asia Pacific Ltd, a joint venture company of US-based electronic transaction processing firm Global Payments Inc and global banking giant HSBC, launched the mobile payment solution PayApp that facilitates mobile point-of-sale (mPOS) payment.

Local retailers can buy the PayApp card reader and download the PayApp application on the smartphone or tablet to start mobile payment services. The mPOS solution employs account information encryption techniques that provide more security than traditional credit card payment solutions.

The joint venture teamed up with global payments service provider VISA and the Hong Kong Trade Development Council (HKTDC) to offer the PayApp mobile payment solution at the HKTDC Hong Kong International Jewellery Show in March, 2013. Approximately 100 jewelry retailers at the exhibition agreed to adopt the PayApp service for sample selling and small-order transactions.

The PayApp service is to be introduced to other industries such as insurance, home delivery, courier and logistics in Hong Kong.

"We see great mobile commerce market potential in the above industries in the city which places heavy reliance on payment mobility," Global Payments Asia Pacific Marketing Director Christine Li told China Daily. "In addition to payment mobility, the PayApp service will be popular among retailers as this can save tremendous corporate resources in cash handling."

Besides mobile payment, mobile marketing activities are also on the rise. Technology start-up PassKit sees the potential of a vibrant mobile marketing business in Hong Kong.

PassKit developed a mobile platform that enables customers to download mobile coupons from the Passbook app. The app is an Apple mobile app that was released with iOS6 and functions as virtual wallet containing digital boarding passes, vouchers, coupons, membership cards and other customer loyalty cards.

"The mobile wallet function can foster a vigorous electronic marketing platform that allows retailers to have a stronger connection with their customers, which is increasingly becoming the main point of engagement with their target audience," PassKit co-founder Paul Tomes said.

Acccording to an Econsultancy research report, only 27 percent of global firms plan to implement location-based mobile marketing in 2013, suggesting there is huge mobile marketing potential waiting to be reaped by pre-emptive m-commerce movers.

(China Daily 04/05/2013 page6)