Octopus mobile payment app O! ePay raises transaction limit amid intensifying competition in Hong Kong
Company launches new editions of smartphone application with daily maximum set at HK$3,000 using basic version
Octopus Cards has launched updated versions of its smartphone app O! ePay that allow person-to-person payment and easier online transactions.
The maximum amount that can be transferred has been raised to HK$3,000 a day from HK$3,000 every two days using the basic version of the app, but upgrades are available.
The launch comes after the company secured one of the city’s first licences in August to offer stored-value mobile payment facilities. The Monetary Authority is looking to regulate the fast-expanding sector in Hong Kong.
Competition for online payment services is set to intensify, with 13 providers – including Alipay Wallet, WeChat Pay and Tap & Go – run by PCCW’s HKT – losing no time seizing market share after also securing licences.
Alipay is owned and operated by Ant Financial Services, which is an affiliated company of Alibaba, which owns the South China Morning Post.