HSBC unveils PayMe for Business app in initial beta test

HSBC unveils PayMe for Business app in initial beta test

HSBC is to run beta tests of its P2P banking app with 15 businesses in Hong Kong, enabling consumers to make real-time payments to merchant accounts at the point-of-sale.

HSBC launched its P2P mobile payment app, Payme, in Hong Kong in early 2017, taking on established market operator Jetco.

With 1.5 million consumers signed up, HSBC is now taking the app to the business community in an intitial beta trial with 15 businesses from a diverse range of sectors from food and beverage, fashion and beauty, arts and crafts, to living and design.

Participating merchants will be able to collect real-time payments from PayMe users at their designated shops by generating a dynamic PayCode via the PayMe for Business app. Consumers using the most up-to-date version of the PayMe app can then scan the PayCode to pay for goods and services instantly using funds in their PayMe wallet.

PayMe for Business also offers a number of business-friendly features, such as instant bank transfer of funds to HSBC business accounts, the ability to process instant refunds through the app, and access to real-time transaction records.

The bank is waiving the 1.5% transaction fees for the first three months to lure more businesses onboard.

Greg Hingston, head of retail banking and wealth management, Hong Kong, HSBC, says: “With the rapid evolution of digital payments in Hong Kong, we are very pleased to have become a leading player with nearly 1.5 million users in two years. Over the last year, the value of person-to-person payments using PayMe has grown by over five times. The launch of PayMe for Business will enhance the ecosystem, bringing simple, convenient and social payment services to our customers in their everyday life.
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