Mobile Payments

HSBC To Take On Jetco In P2P Mobile Payments

HSBC is gearing up to take on Hong Kong P2P mobile payment company Jetco, launching its own P2P mobile payment app.

According to a report, HSBC has a holding page online that invites cardholders to sign up for the payment service. HSBC is enticing consumers by offering HK$20 credit for customers who move early and as much as HK$100 for referrals that comes from friends. The app, dubbed Payme, will enable cash transfers to people with just their mobile phone number.

HSBC isn’t entering a new market by any means. Jetco came on the scene last year, launching a P2P payment service with four local banks. Currently, it has greater than 30 member banks based in Hong Kong and Macao, according to the report. It expects four more banks to sign up later in 2017.

“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,” Angus Choi, Jetco CEO, said in the report.

Two years ago, China’s UnionPay bought 3 percent of Joint Electronic Teller Services (Jetco), which operates the largest ATM network in Hong Kong and Macao. Financial terms were not disclosed. The equity stake marked UnionPay’s first overseas investment, and the two companies pledged to expand mobile payment services in Hong Kong. UnionPay also said at the time that the deal meant the company became a strategic investor in Jetco and, in turn, has the ability to name candidates to the latter’s board of directors.

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