HSBC targets Hong Kong millennials with new social payment app
Pay you, PayMe, pay it for always, that’s the way it should be
HSBC will unveil a new payment app in Hong Kong in early 2017 aimed at millennials and offering a social aspect in addition to just payments.
Called PayMe, it is “available to everyone in Hong Kong”, regardless which local bank the customer uses. However, the small print says it is only eligible to users with a valid Visa or MasterCard single currency HKD personal credit card issued by a locally licensed bank. Except for corporate, business, private label, dual currency or UnionPay cards.
The new app’s concept is similar to that of Zelle and Venmo in the US, which are locked in a duel for the millennials’ market. In its set-up, it is similar to Barclays’ Pingit in the UK, i.e. launched and operated by one bank but open to the broader market, not just the bank’s customers.
Money can be sent between PayMe users without needing their bank account numbers.
If an intended recipient doesn’t have PayMe, they can be added by sending a payment message through a social network.
From now until 23 January, people can register for its “Early Bird” sign up.
Banking Technology spoke with HSBC on Twitter about its PayMe service. It says in the UK it has a similar service called Paym. HSBC says with Paym there is “no need to share your account details with others” and that 17 banks and building societies offer the Paym service to their customers. It says more than three million people have registered.
Stay young and beautiful
Fintech and millennials are a potential marriage made in heaven.
Mobile banking app Varo Money is bringing to market a chatbot and “money coach”, Val. Its target market is millennials, says the vendor, and this segment is “hands on” with their money.
Vocalink unveiled its comprehensive research into the habits and perceptions of millennials when it comes to mobile payments. Turns out, this group is still waiting for the “Uber moment” of payments.
Emirates NBD said it was planning to launch the UAE’s “first” digital bank targeted at millennials. The new bank is part of its three-year AED 500 million ($136 million) strategy to improve its processes, products and services.
