HSBC will unveil a new payment app in Hong Kong in early 2017 aimed at millennials and offering a social aspect in addition to just payments.
Called PayMe, it is “available to everyone in Hong Kong”, regardless which local bank the customer uses. However, the small print says it is only eligible to users with a valid Visa or MasterCard single currency HKD personal credit card issued by a locally licensed bank. Except for corporate, business, private label, dual currency or UnionPay cards.
The new app’s concept is similar to that of Zelle and Venmo in the US, which are locked in a duel for the millennials’ market. In its set-up, it is similar to Barclays’ Pingit in the UK, i.e. launched and operated by one bank but open to the broader market, not just the bank’s customers.
Money can be sent between PayMe users without needing their bank account numbers.
If an intended recipient doesn’t have PayMe, they can be added by sending a payment message through a social network.