JETCO offers payment scheme with banksBusiness | Joyce Chen 9 Feb 2018
Joint Electronic Teller Services yesterday launched jointly with eight banks a JETCO Pay Merchant Payment service, which makes in-store shopping payment easier.
Users can now use the service to shop and pay by using QR codes, or even by simply inputting mobile numbers into mobile applications or websites. The service is directly linked to customers' bank accounts.
An HK$5,000 limit is set for this service.
The participating banks are Bank of Communications (HK), Bank of East Asia (0023), Chong Hing Bank (1111), The Industrial and Commercial Bank of China (Asia), OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank.
"There is a large cash and cheque market in Hong Kong that is untapped," JETCO chief executive officer Angus Choi said.
"Our objective is to establish JETCO Pay as a major payment brand in Hong Kong, offering consumers easy access to the service not only locally, but also when they travel overseas," he said.
He added that the company is currently in talks with some financial institutions in China and Taiwan as it hopes to roll out cross-border payment service in the Greater China region later this year.
Meanwhile, the financial services provider is to virtualize by the end of this year 18 million JETCO cards still in circulation in the market. It will undertake this move after the Hong Kong Monetary Authority launches in September its Faster Payment System.