HSBC strengthens omnichannel payment collection solution in APAC

As the use of digital payment is rising lately, HSBC has strengthened its omni payment collection solution in Hong Kong and other markets across APAC.

Known as HSBC Business Collect in Hong Kong, the solution makes it easier for merchants to collect payments via multiple options, including Faster
Payment System (FPS), credit cards and e-wallets, whether online or at a brick-and-mortar store. Aiming at improving its digital services for businesses, PayMe was added earlier as a payment option on HSBC Business Collect Point-of-Sale (POS) terminals, enabling merchants to take payments from two million PayMe users.

There has been a substantial uptick in e-commerce transactions across different sectors in Hong Kong. In the first half of 2020, the volume of digital transactions processed via FPS through HSBC Business Collect more than tripled the total of 2019. The solution also added 60% more new users
in Q2 2020 than Q1. 

Apart from Hong Kong, the omni payment collection solution is also available in Australia, China, India, Indonesia, Malaysia, Singapore, Thailand, and Vietnam too. According to HSBC’s report "Navigator: Building Back Better", businesses in Asia are 13 percentage points (38% vs 25% for rest of the world) more likely to believe digital payments will become standard practice over the next one to two years.

"Digitisation has become more important during these trying times. We remain dedicated to offering businesses cost-effective solutions to provide a seamless payment journey for their customers, and supporting them to undergo digital transformation," said Yvonne Yiu, head of global liquidity and cash management for Hong Kong at HSBC.

In addition, HSBC has also established a new online e-commerce academy on the bank’s proprietary digital community platform HSBC VisionGo to help retailers in Hong Kong go online. Since July, HSBC has held 20 webinars in collaboration with local e-commerce platforms and ecosystem partners, offering  insights for over 2,000 registered participants with further knowledge about e-commerce.

"We are pleased to see more implementation of HSBC Business Collect among Hong Kong businesses, as they adopt simpler, faster mobile payment collection solutions for both physical and online transactions," Yiu added. 

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