PCCW Global, the international operating division of HKT, Hong Kong's premier telecommunications service provider, and Zhuhai Da Hengqin Science and Technology Development Co., Ltd. (DHQ Tech) will together explore the technological and regulatory viability of promoting multi-currency 'Tap & Go' mobile payment in the Greater Bay Area of Zhuhai, Hong Kong and Macau, in order to boost e-commerce, business trade and tourism in the region.
The 'Tap & Go' service is currently provided in Hong Kong through HKT Payment Limited, a member of HKT Group, under a Stored Value Facilities License (Stored Value Facilities License Number: SVF0002) granted by the Hong Kong Monetary Authority in 2016. Tap & Go enables cashless transactions between consumers and merchants using a mobile phone app.
The process makes use of either an all-in-one SIM in an NFC-enabled mobile phone or an NFC-enabled 'Tap & Go' card. In Hong Kong, 'Tap & Go' accounts can receive top-up funds via inter-account transfers from over 40 designated banks, via credit card or manually using cash at local top-up locations, of which there are over 2,000 in Hong Kong alone.
Users can make payments via POS devices, using QR codes, in-app for transactions involving both web-based and traditional "bricks-and-mortar" stores. For money transfers, 'Tap & Go' supports instant peer-to-peer money transfer and traditional primary to subsidiary card relationships, as well as integration with management systems at schools, large-scale housing estates or clubs.
Mr. Frederick Chui, Senior Vice President of Global Data Sales and Presales, PCCW Global, said, "Our collaboration with DHQ Tech will enable 'Tap & Go' users to pay for goods and services regardless of where in the world they originate from, or in which currency they wish to pay. Having to convert between currencies is an inconvenience for tourists and business traders. 'Tap & Go' is uniquely positioned to overcome all the hassles associated with making payments between currencies, and we expect ease of operation to deliver real benefits for regional trade and tourism."
Mr. Lianbing Deng, Executive Director and General Manager of Zhuhai Da Hengqin Science and Technology Development Co., Ltd, said, "The first step of the project is to test the technology and to ensure regulatory compliance. As one of China's Pilot Free Trade Zones, Hengqin represents the ideal market to explore the service. With their close proximity to each other, there is already tremendous tourism and business trade between Hengqin and Hong Kong."
Hengqin, located 34 sea miles from Hong Kong, offers massive trade and business potential. It is optimally located, covering an area of 106.46 square kilometers and is less than an hour from Hong Kong via the new Hong Kong-Zhuhai-Macao Bridge.
Mr. Chui added, "Hengqin represents the ideal region to roll out the 'Tap & Go' service and technology. PCCW Global and DHQ Tech will work together to ensure there are appropriate compliance measures within the framework of advanced technology application. After initial rollout, we look forward to expanding the service to the entire Greater Bay Area and other countries through cooperation with international service providers."
The collaboration is an extension of the agreement signed between PCCW Global and DHQ Tech this March to explore the technological and regulatory viability of developing Hengqin into a global business and communications hub, and to position Hengqin as one of the world's leading internet business environments to attract foreign investment and to support enterprise customers, new start-ups and hi-tech research and development centers with the latest ICT technologies.