HSBC is launching a beta test program of its PayMe for Business, a person-to-merchant (P2M) payments app in Hong Kong.
The bank launched its person-to-person (P2P) mobile payment app, Payme, in Hong Kong two years ago, taking on established market operator Jetco. With 1.5 million consumers signed up, HSBC is now taking the app to the business community
The beta test will involve 15 businesses from sectors including food and beverage, fashion and beauty, arts and crafts, to living and design.
PayMe for Business targets local businesses and will initially be available to HSBC Business Banking customers in Hong Kong. It offers a simple way to accept digital payments from PayMe users via a mobile device.
HSBC says the test also provides consumers with an opportunity to make purchases at participating merchants, enjoying the same seamless experience as they do when sending money to family and friends via PayMe.
According to Terence Chiu, HSBC’s head of commercial banking, Hong Kong, PayMe for Business will connect merchants joining the platform to an estimated 1.5 million PayMe app users.
“Our goal is to help local businesses unlock the convenience of digital payments, reach new customers, grow their business, and ultimately realise their ambition,” he added.
There is no set-up cost to using PayMe for Business and merchants can download the app onto their mobile device and complete the registration process on the spot.
To open a PayMe for Business account, they must create a business profile with their HSBC Business Internet Banking (BIB) account and a six-digit PIN. The merchant account registration will be complete and the app ready for use after an email address and HSBC Business Internet Banking security code verification process.
Greg Hingston, HSBC’s head of retail banking and wealth management, said: “Over the last year, the value of person-to-person payments using PayMe has grown by over five times. The launch of PayMe for Business will enhance the ecosystem, bringing simple, convenient and social payment services to our customers in their everyday life.
Using a dynamic PayCode generated by the PayMe for Business app, participating merchants will be able to collect real-time payments from PayMe users.
In addition to instant payment collection, PayMe for Business also offers business-friendly features, such as instant bank transfer of funds to HSBC business accounts, the ability to process instant refunds through the app, and access to real-time transaction records.
HSBC says it will waive transaction fees for three months from launch and subsequently will levy 1.5% per transaction.