Subject(Q4):Link for cross-border QR payment between Hong Kong and Thailand
Mr Chan Chun-ying: Thank you, President. The popularity of e-payment stems from people’s reluctance to use credit cards for small-value transactions, leading to the widespread adoption of e-payment methods or store value facilities. The FPS x PromptPay Link is jointly developed by the central banks of the two places, and of course, it needs to be vigorously publicized. After transferring money to Octopus Wallet via FPS, Octopus can be used in Thailand. However, Octopus is not a QR code scanning payment tool.
May I ask whether the authorities will step up their promotional efforts not only for payment methods that involve scanning of QR codes but also for payment tools more convenient for the elderly (such as Octopus) so as to let the public know that besides the FPS x PromptPay Link, FPS x Octopus can also be used for small-value transactions in Thailand? Thank you.
SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY: Thank you, President. I would also like to thank the Member for his supplementary question. Let me answer this question from two aspects. What the Member said is right, and I would like to thank him for bringing up this subject.
Hong Kong offers a wide range of e-payment methods, including QR code payment, Octopus and touchless credit cards, so the public have a variety of e-payment choices. According to market surveys, over 90% of the transactions in Hong Kong now use e-payment.
In Thailand, as the FPS x PromptPay Link involves the interface of two systems, and PromptPay is a QR code payment system, it is necessary to scan the QR code when making payment. As for overseas payment with Octopus mentioned by the Member, Octopus Cards Limited has actually carried out promotional activities. The SAR Government will keep an open mind and encourage the market to provide more e-payment options for the public. This is my first point.
Another point I would like to make is that Octopus has recently launched the Octopus―China T-Union Card, which Members or the banking sector must be aware of. The Octopus―China T-Union Card allows cardholders to pay public transport fares in Hong Kong plus over 38 000 public bus routes in 336 Mainland cities, as well as 285 railroads and city ferries in 48 Mainland cities. We are pleased about the arrangements and will continue to support the industries in the development of diversified e-payment, including increasing the use cases of cross-boundary e-payment. Thank you, President.