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TMT · Fintech
Hongkongers can make mobile payments in mainland without a local bank account
2018/12/12 09:55:39
China Financial News, China News, Hong Kong, payment

Dec 12, 2018 (China Knowledge) - Hong Kong residents will now be able to make mobile payments in mainland China without a Chinese bank account through Bank of China Hong Kong’s e-wallet app.

The app, now, allows its users to add funds into their BOC Pay app using funds from any Hong Kong bank account. Previously, mainland Chinese e-wallets such as Alipay and WeChat Pay could only be used if the user had a mainland bank account.

The fund transfers on the BOC Pay app will take place via the Faster Payment System which was introduced by the Hong Kong Monetary Authority in September to enable bank customers to transfer money, shop and pay bills by scanning QR codes.

Merchants in mainland China that are members of the Union Pay QuickPass Payment will be able to accept payments via the BOC Pay app. The Bank of China Hong Kong has seen an increase in mobile payments since the introduction of the Faster Payment System in Hong Kong.

The Hong Kong Monetary Authority had, also, previously worked with regulators in mainland China to make payments and other banking services easier and more available to Hongkongers in China. 

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