More new digital payment products have been introduced in Hong Kong in the second half for services ranging from transportation, lifestyle and dining to sanitation and virtual banking, says Mastercard, a global technology company in the payments industry.
It has collaborated with a number of banks – both virtual and traditional – to roll out payment cards..
Innovative digital numberless Mastercard debit cards were launched by Mox and WeLab Bank.
In line with the rising trend in online shopping, Mastercard says it has worked with CCB (Asia) and ICBC (Macau) to offer the JD Mastercard credit card, both with JD.com; and with Bank of China (Hong Kong), Bank of China Macau Branch and Taobao, which joined forces to launch a co-branded Mastercard credit card.
The HSBC Mastercard Debit Card eliminates cardholder worries about currency fluctuation when overseas or shopping online by allowing access to 12 currencies, with fee-free cash withdrawals at HSBC Group ATMs globally.
For those staying at home, Mastercard offered its first ‘Priceless’ digital photography workshop in Hong Kong featuring Leica Akademie and has expanded its digital experiences.
These include the wellness promotion with Hang Lung Properties and Germ Tech, the electronic rental payment service with KeyChain Pay and takeaway services with OpenRice as well as the contactless payment options on beauty products at Art Piece with eft Payments (Asia) Limited.
Education was also at the forefront with digital payments for schools and learning centers care of GRWTH.
There were also global and regional initiatives introduced in the second half.
To facilitate digitalization for small businesses, Mastercard has pledged US$250 million over the next five years.
Another initiative is Mastercard and Pine Labs’ launch of their integrated “pay later” solution in five Southeast Asian markets early next year to offer consumers the flexibility of paying by installments on purchases, expand business for merchants and connect banks, fintechs, payment gateways and device makers to a rapidly growing financing alternative.
At the Singapore Fintech Festival, Mastercard partnered with MatchMove and Tappy Technologies to introduce a small, flexible chip that can be attached to wearables and accessories, turning them into secure contactless payments devices.
Mastercard has also teamed up with IDEMIA and MatchMove to debut a fingerprint biometric card trial in Singapore.
With blockchain technology being a focal point this year, Mastercard announced a proprietary virtual testing environment for central banks to evaluate use cases for Central Bank Digital Currencies by enabling the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
It also announced a collaboration with GrainChain, a technology company that enables supply chain visibility, empowering suppliers and farmers while reducing risks to buyers and banks in the United States, Mexico and Central America.