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Welcome to the future of shopping in Hong Kong, where Thai tourists are finding the joy of seamless transactions with just a quick scan from their digital wallets. Got a hankering for traditional dim sum or can’t resist that stylish handbag in Tsim Sha Tsui? Well, the wait at checkout is over, as scanning a QR code is all it takes to indulge in Hong Kong’s splendors!
Simmer down, because the deets are just as cool as the concept. Under the cross-border QR code project, seven titanic banks and a duo of SVF champs have linked arms to make this magic happen. Credit where credit is due—big players like the Hong Kong and Shanghai Banking Corporation, Hang Seng Bank, and Citibank, just to name a drop in the financial ocean, are all in on the action. Our settler buddies, HSBC and Bangkok Bank, are the ones pushing the money chariot.
Imagine the scene—a busy street corner in vibrant Hong Kong, bustling with life. Glorious scents, vivid colors, and an orchestra of urban sounds encompass you. Amidst all this, Howard Lee, the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stands up and says, “Thailand is a trailblazer in speedy payments that cross borders, and since we love our Thai getaways, it’s a no-brainer to partner up first.” Thursday’s press pom-pom wave couldn’t have more buzz!
Lee’s not done yet; he’s talking about “a trend hotter than a steamed dumpling” with this zippy cross-border QR code palooza for bite-sized payments overseas. Eyes are on the international horizon, with Indonesia, Malaysia, and Singapore on the radar for future fist bumps in the payment scene. But first, it’s about getting cozy with Thailand’s PromptPay.
And before you panic about spending your entire holiday budget on one porcelain spoon, HKMA’s slapped a HK$10,000 daily cap on transactions. This isn’t carved in jade, though—they’re open to chitchat with tech wizards and cash whisperers to see if this limit ought to ride the uptown train.
Merchants, we feel you, and here’s the deal—you’re scooting into this program fee-free. High-five! But jet-setters, you’ve got to pony up for the currency tango fees and a spot of handling charges. Fear not; the banks are bringing their A-game with “competitive” rates. Think of it as shopping around for the perfect bao—plump, fluffy, and just the right price.
For the Hong Kong locals ready to taste the spicy convenience of this service, here’s a serving of Colin Pou’s pro tips”: Update your bank app, lock eyes with the PromptPay code, and scrutinize those payment details like they’re a rare collectible. Steer clear of sketchy links like you would questionable street food, my friends.
Since its grand entrance in 2018, Hong Kong’s FPS has been courting users like the city’s enchanting skyline, with an alluring 13 million folks waving the registered flag. With a bustling 1.3 million transactions decorating the daily streets of finance, and an enviable HK$9.4 billion jingling in transaction value, it’s no shocker that the city is high-kicking into the fintech stratosphere.
So there you have it, readers—an electrifying leap into the future of payments, topped with a delicious sprinkle of innovation. Hong Kong’s streets just got a bit more allure for Thai explorers and the local technophiles. Happy scanning!
Article by Oswald Chan, China Daily, Asia News Network
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