Fund transfers made easy as HSBC rolls out P2P appTop News | Esther Yu 8 Feb 2017
HSBC has launched a person-to-person payment app, enabling users to transfer funds to any bank account from today.
By setting up an account at the bank's PayMe app, users can add value to the wallet by linking it with a credit card, Visa or Mastercard, from any bank.
Registration requires a user's e-mail address, credit card information and mobile phone number. People who wish to link credit cards issued by banks other than HSBC and Hang Seng Bank need to submit their electronic ID copy as well. After injecting money into the account credit card, app users can input the fund amount together with a message to the recipient.
The app also provides a social feature, allowing users to decide if a transaction is to be kept private between two parties or shown to all "PayMe friends."
The fund will then be transferred as instructed after entering a six-digit password.
Record for the transfer will be shown on the personal wall within the app.
As for paying friends without the P2P payment app, a URL link will be sent to the recipient at the payer's choice through either WhatsApp, SMS or Messenger.
Apart from opening a PayMe account to accept the payment, the recipient can also retrieve the money by transferring the fund to his or her own bank account after inputting the relevant information.
But it may take up to two days for non-HSBC or Hang Seng Bank account holders to get the money.
The P2P wallet holders can also cash out by transferring the balance to their respective bank accounts.
A daily top-up cap of HK$5,000 is set, along with a monthly limit of HK$10,000 and an annual cap of HK$100,000.
No charges are collected by HSBC for the download or use of the app. HSBC is the most recent player to enter Hong Kong's fledgling P2P payment market, following the recent launch by Octopus and Jetco of their respective P2P platforms.
Greg Hingston, HSBC head of retail banking and wealth management in Hong Kong, said the app can be further enhanced by adding more funding sources, including a direct transfer from a bank account to top up the P2P wallet. It will also look into the possibilities of expanding usages like paying for purchases at stores.
"We don't have any targets in terms of conversion rates," said Hingston, adding that whether people are enticed to use the app comes down to "the quality of products and services we offer under HSBC."