Hong Kong banks to roll out mobile P2P payment network

Hong Kong banks to roll out mobile P2P payment network

Bank-backed Hong Kong ATM network Jetco is to launch a P2P mobile payment system with a consortium of 12 of the territory's leading banks.

The service will allow customers of the participating banks to transfer funds using just the recipient's mobile phone number. Banks participating in the venture include the Bank of China (Hong Kong), Bank of Communications, the Bank of East Asia, China CITIC Bank International, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank, OCBC Wing Hang Bank, Shanghai Commercial Bank, Standard Chartered Bank and Wing Lung Bank.

Jetco chief executive Angus Choi says: “As a bank consortium, Jetco is able to offer an interbank P2P platform that can be shared by our member banks, helping them lower investment costs while giving them access to our sophisticated and proven technology built on Jetco’s existing ATM infrastructure. This will help our member banks launch their P2P services more quickly.”

The service will be made available to consumers later this quarter, he says, adding that in the medium to long term, the system will be extended to online and high street merchants for mobile shopping at the checkout.”

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