Ayra Wang

Octopus is set to launch a new card by the end of this month that will revolutionize public transportation in over 300 cities in mainland China.

Sammy Kam Chi-sam, chief operations officer of Octopus, said: "The new physical card will enable citizens to conveniently pay for their fares in approximately 320 cities on the mainland."

Users will be able to recharge the card in Hong Kong dollars, and it will automatically convert the payment to renminbi, the official currency of China, he said.

While Octopus is actively promoting the digitalization of cards through its mobile application, Kam said there is still demand for physical cards among certain user groups.

Therefore, the company has decided to cater to these preferences by launching a physical card that can be managed and recharged through the Octopus mobile application.

The new Octopus card will be usable in Hong Kong as well, and will have the same stored value limit of HK$3,000 as the existing Octopus card.

However, when used in mainland China, the card will have an anonymous feature, and users will only be able to recharge it with a maximum value of 1,000 yuan (approximately HK$1,100).

The card will initially be available for purchase at MTR stations.

Meanwhile, Octopus has seen a significant increase in the number of users of its Octopus UnionPay card, which can be used for purchases at over 30 million points of sale in mainland China.

In January, the number of users tripled compared to the same period last year, indicating a growing trend of Hong Kong residents traveling north for shopping.

The number of transactions and transaction volume using the Octopus UnionPay card has increased sixfold compared to the previous year.

Octopus has also expanded its services beyond China.

In December last year, the company launched Thailand's PromptPay QR code payment in its app, allowing users to make direct payments using the QR code at over eight million merchants in Thailand.

During the Lunar New Year holiday, Octopus users' average consumption in Thailand increased seven-fold compared to December. Interestingly, the amount spent in Thailand surpasses the amount spent in Hong Kong, with single purchase amounts reaching as high as HK$9,900.

To further facilitate electronic payments, Octopus has collaborated with UnionPay and Alipay to equip over 23,000 taxi drivers with Octopus payment machines.

This move has opened up new avenues for convenient and cashless transactions in the taxi industry.

Rita Li Yuk-yi, sales and marketing director of Octopus, has promised to waive transaction fees for taxi drivers until the end of next year. Additionally, the company plans to intensify promotion and education efforts regarding e-payment among taxi drivers.

New Octopus card can be used in over 300 mainland cities