Hong Kong People Use Mobile Devices as the New Way of Payment

Visa partners with HSBC in offering attractive RewardCash to all HSBC Visa cardholders in Hong Kong 

HONG KONG, July 2, 2017 /PRNewswire/ -- In a city of hustle and bustle, smartphones are indispensable to Hong Kong people with hectic schedules as they bring efficiency to different aspects of our lives. With the extension of contactless payment to mobile devices, Visa cardholders are able to make everyday transactions through their smartphones now. According to a recent survey commissioned by Visa^[1], 3 in 4 respondents (75 percent) from Hong Kong would like to try out new payment methods, while 83 percent of the respondents are likely to use smartphones for making everyday payments. These figures reflected that using smartphones for payments has become a life necessity for Hong Kong people.

Visa is pleased to partner with HSBC in presenting a new promotion for all HSBC Visa cardholders to enjoy an innovative and secure way to pay. From July 1 to August 31, 2017, all HSBC Visa credit cardholders conducting contactless payments via smartphone can enjoy Red Hot Summer Rewards presented by the bank. After simple registration, cardholders can accumulate eligible transactions with HSBC Visa Card via Apple Pay or Android Pay^TM to enjoy an Extra RewardCash rebate of 2% for spending between HK$2,000 and less than HK$6,000 or 4% for spending of HK$6,000 or above.

"Hong Kong people have a high awareness of contactless payments. Our survey^[2] revealed that 81 percent of Hong Kong people are aware of paying with contactless payment methods in store. What is more, over half of them (52 percent) said that they are open to getting the "Pays" as a method of paying. To bring Hong Kong Visa cardholders an innovative and secure way of payment, Visa partners with HSBC to introduce a large-scale promotion applicable to mobile payments. Visa is committed to accelerating mobile payment development, helping the city to become a cashless society", said Caroline Ada, Country Manager, Visa Hong Kong and Macau.

Hong Kong people are adventurous and value efficiency, at the same time security in digital payments is of their concern. To ensure payment security, Visa supports the Visa Token Service for mobile payments. The Visa Token Service is a secure payment solution that replaces the 16 digit card number with a different 16 digit digital account number (known as a "token"), which authorises payment without exposing a cardholder's sensitive account information to the merchants. This service can help in the fight against fraud by offering financial institutions, merchants, and third party payment providers (such as digital wallet providers) a secure way to enable mobile and online payments without sharing sensitive account information.

While Hongkongers like trying out new payment methods especially when using smartphones, now is a good chance for HSBC Visa cardholders to experience the fast, easy and secure mobile payment experience in all participating merchants in Hong Kong^[3]. Meanwhile, Visa will continue to drive the future of payments by enabling new ways to pay for Visa cardholders on the move.

Terms and conditions apply. Please visit www.hsbc.com.hk for further details about the promotion.

About Visa

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

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[1] Conducted in May 2017, the YouGov survey studied the users' payment behaviours on mobile devices. The survey covered 14 markets including Australia, Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, The Philippines, Singapore, Taiwan, Thailand and Vietnam. A total of 750 respondents from Hong Kong were interviewed.

[2] An online survey completed in June 2016. This Visa covered eight markets including the US, Canada, UK, Australia, Singapore, Hong Kong, Brazil and Mexico, towards users' 'pays awareness and usage.

[3] Exceptions applied. Please refer to the HSBC website www.hsbc.com.hk/creditcard for the offer details.