HSBC’s PayMe goes global with access to 34 million merchants in 46 markets on UnionPay
- The digital payment platform’s 3.2 million users will be able to pay for global purchases from August 8 via the partnership
Hong Kong’s biggest commercial bank HSBC is expanding its PayMe digital payment platform for transactions worldwide by riding on the global network of the dominant Chinese state-controlled financial services provider UnionPay.
Starting from Thursday, PayMe’s 3.2 million users in Hong Kong will be able to create a virtual UnionPay card within the app with some simple verifications, the bank said in a statement. The virtual card will grant users access to more than 34 million merchants in 46 markets, including the mainland, the US, Japan and Australia, it added.
The app users can then make in-store payments globally by scanning the UnionPay QR code displayed at merchants, or by showing their UnionPay QR code on the PayMe app, the bank said. They can also shop online with merchants that accept UnionPay, it added.
“The partnership with UnionPay marks a significant milestone for PayMe, allowing our users to enjoy a seamless payment experience during mainland China and overseas travel – the same level of service convenience as in Hong Kong,” said Maggie Ng, general manager and head of wealth and personal banking of HSBC Hong Kong.
The bank added that its PayMe customers can enjoy a waiver on transaction fees for spending in mainland China, Hong Kong and Macau.
UnionPay is China’s home-grown alternative to Mastercard and Visa. Launched in 2002, it provides bank card services and links up a domestic network of automatic teller machines. With more than 100 million cards in use overseas, UnionPay overtook Visa as the world’s most popular provider in 2022, according to the Nilson Report.
