Visa HK sees rise in payment volume

Visa HK said total payment volume increased by 16 percentage points from April to June as social restrictions eased.

Contactless transactions also increased 10 percentage points to account for 80 percent of Visa's transactions at the time.

Maaike Steinebach, general manager for Hong Kong and Macau, said the consumption voucher will increase the use of digital payment tools and she believed it is an opportunity for the card payment company rather than a threat.

The company said the main source of funds for these digital payment tools is still cards.

Visa said seven in 10 small and medium enterprises in Hong Kong are using personal cards to pay for business expenses, leading to accounting inefficiency. The company provides business debit/credit cards to separate business expenses from personal ones.

The company also said it has partnered with SoePay to allow SMEs to accept card payments without traditional point-of-sale terminals through Tap to Phone, a service launched earlier this year.

Jenny Chung, head of products, Visa Hong Kong, Macau and Taiwan, said the service supports only Android phones with near-field communication technology, and it is quicker and safer than QR codes as the customer does not need to unlock the phone and open the digital wallet applications to finish the transaction.

SMEs can see and analyze the payment data in their phones, Chung added.