Shopline adds Octopus to payment method

Global smart commerce platform Shopline has added Octopus as its latest payment method with an aim to capture opportunities from the new round of consumption voucher scheme.

The platform said 37% of its consumers had used stored value facilities (SVFs) for payment in 2021, overtaking previously popular payment methods such as credit card (21%) and bank transfers (13%). The shift of preference reflects that consumers are more intent on using stored value facilities as their priority. Therefore, the platform now accepts Octopus as a payment method, adding that merchants are able to connect to the Octopus payment interface after successfully creating an account through the Octopus App for Business.

"The Octopus payment method is extremely user-friendly, allowing you to seal the deal with just one tap. The new payment method will also help increase the order conversion rate. As Asia's leading smart-commerce platform, Shopline is committed to providing the most comprehensive one-stop eCommerce solution," said Nick Gao, general manager, Shopline Hong Kong.

Shopline has also rolled out a series of offers to attract more merchants to use the new payment method. For example, the platform will waive the fund transfer fee of Octopus App for Business bank accounts and offer physical stores an Octopus Mobile POS for free. Merchants can also receive a HK$300 reward for a cumulated transaction amount of HK$3,000 or more during the first 30 days after opening the account.

“Being a safe, efficient, flexible and reliable payment method, Octopus boasts a 98% penetration rate amongst Hong Kong’s population. We expect the partnership with Shopline to further promote the convenience of Octopus in online shopping, turning Octopus into the most-used online payment method in Hong Kong,’’ said Rita Li, sales and marketing director of Octopus Cards.

According to Shopline’s data, the number of consumers using consumption vouchers for payment increased by up to five times year-over-year from August to October 2021, the period during which the voucher was released.

"The new round of the consumption voucher scheme has increased the total voucher value to HK$10,000 and merchants are encouraged to set up an Octopus Business Account in order to capture the important business opportunities from the scheme," Gao added.