The service allows customers of the participating banks to transfer Hong Kong dollars (HKD) and Macau Pataca (MOP) to account holders of all local participating banks using just the recipient's mobile number, without having to enter the bank account number.

The seven participating banks include: Banco Comercial De Macau S.A., Banco Nacional Ultramarino, S.A., Tai Fung Bank Limited, Bank of China Limited, Macau Branch, Industrial and Commercial Bank of China (Macau) Limited, Luso International Banking Limited and OCBC Wing Hang Bank Limited. They will gradually roll out JETCO Pay P2P starting from the second half of 2017.

JETCO Chief Executive Officer Mr. Angus Choi said: "With the rapid development of Macau's economy in recent years, mobile phone penetration has also increased to nearly 200%, creating the perfect environment for the development of mobile payment services such as JETCO Pay P2P in the city. Operating on our existing inter-bank network, JETCO Pay P2P provides the most comprehensive cross-bank fund transfer service in town. Following its successful debut in Hong Kong last year, we are pleased to replicate this success in Macau with the support of seven member banks."

JETCO Pay P2P has three distinct features: it is convenient, easy to use and safe. This new service is directly linked to a consumer's bank account, meaning no top-up will be required. Consumers only need to know the recipient's mobile number and can transfer funds across banks anytime and anywhere. Furthermore JETCO Pay P2P features bank grade security measures such as end-to-end encryption, a dynamic pin pad and a device binding verification function to offer multiple layers of protection to users.

"Electronic payment is a global trend and is set to become the mainstream of payment method, replacing traditional forms of payment. The reduction of cash management will bring significant economic benefits to the banking industry. To consumers, electronic payment also brings more convenience and a higher level of security comparing to cash. I believe that JETCO Pay P2P will play a role in transitioning Hong Kong and Macau into cashless societies," Mr. Choi said.