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PayMe sees massive increase in usage due to consumers shifting to online payments

Monday 25 May 2020 14:43 CET | News

HSBC's digital payment platform PayMe has reported an increase in usage, as consumers go online shopping for everything from face masks to virtual social games.

According to Yahoo Finance, PayMe reached a 2 million users landmark in late May 2020, representing a 25% jump from 2019. The increase, together with 10 other e-wallets in the city, helped support a three-fold surge in transactions through the faster payment system (FPS) maintained by the Hong Kong Monetary Authority (HKMA). Moreover, the increase was also seen in settling of bills, including those related to online social games such as mahjong and poker, a HSBC official reported.

Overall, about 80% of PayMe’s users have been active during the COVID-19 pandemic, and some merchants even recorded 15,000 to 40,000 transactions involving surgical masks alone in a single day. 

Regarding the business payment services, PayMe enables startups and other businesses to accept payments and has plans of lining up bigger companies like utility providers in the future, HSBC officials stated.


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Keywords: PayMe, HSBC, online payments, transactions, online shopping, Hong Kong, Hong Kong Monetary Authority, HKMA, COVID-19
Categories: Payments & Commerce | Online Payments
Countries: Hong Kong
This article is part of category

Payments & Commerce