Octopus extends a helping hand to micro, small and medium-sized enterprises in digital transformation and cost reduction amid economic challenges

As the post-pandemic economic recovery has fallen short of expectations, businesses across the city, especially micro, small and medium-sized enterprises (MSMEs), are hurting and need all the support they can get in terms of reducing costs and generating new sources of revenue. It is in this context that Octopus Cards Limited (Octopus) has announced a series of measures to help merchants digitize their business transactions and capture new business opportunities through its Octopus platform.

 With the increasing popularity of electronic payment in the consumer market, Octopus has taken the initiative of introducing a permanent waiver of bank account fund transfer fees for the first $10,000 transaction per month with effect from 1 August 2024.

The fee waiver is applicable to all merchants using the Octopus App for Business. Currently, over 80% of Octopus App for Business merchants have a monthly transaction volume of $10,000 or less. Under the new measure, most of these MSMEs can enjoy a full exemption of bank account fund transfer fees.

New users of the Octopus App for Business need not worry, as they can enjoy existing benefits which include waived bank account fund transfer fee for the first six months, and a free Octopus Mobile POS worth $228.

Over the past three years, the company has processed more than 200 million transactions without charging any bank account fund transfer fees to MSMEs, on top of an all-in-one Octopus payment solution with zero setup cost. The company has provided its Octopus App for Business accounts for free to more than 46,000 MSMEs, and has spent over $12 million on giving out free Octopus Mobile POS.

In line with the company’s customer-centric approach, new functions on the Octopus App for Business are in the pipeline. Later this year, sole proprietors of the Octopus App for Business will be able to directly top up their Octopus business accounts to their Octopus card, free of charge. This  will offer even greater flexibility in cash flows and payments for MSMEs.

Octopus is committed to a continued roll-out of helpful measures, and more payment tools in the Octopus App for Business will be available later this year, adding convenience to both merchants and consumers.

Meanwhile, Octopus will optimize the card reading function of the Octopus App for Business with a user-friendly interface and enhance merchants’ user experience, especially in enabling faster payments.

In addition to providing a convenient e-payment solution, Octopus also helps MSMEs achieve ‘zero-cost account opening’, according to Rita Li, Sales and Marketing Director of Octopus.

"Small and micro enterprises play a crucial role in the Hong Kong economy, enhancing its strength and diversity,” she explains. “The various measures we are launching will be able to alleviate their business overheads burden.”

Looking ahead, Octopus strives to help merchants reach a wider customer base through an open payment network and support MSMEs to stay competitive in a rapidly changing environment.

“Octopus is dedicated to a continued enhancement of its robust e-payment ecosystem,” Li adds. “By offering more services and other user benefits, we hope to strengthen relationships with merchants, provide them with even better facilities, and make spending more convenient for customers.”