Together with 12 banks in Hong Kong, the Joint Electronic Teller Services Limited (JETCO) will be launching the JETCO Pay P2P service in the city in the second quarter of 2016.
The service will enable customers of the participating banks to transfer funds using just the recipient's mobile number. No top-ups will be required as the service is directly linked to the consumer's bank account. In terms of security, the service features bank grade security measures such as end-to-end encryption and a dynamic pin pad to offer a high standard of protection to users.
Participating banks include Bank of China (Hong Kong), Bank of Communications, the Bank of East Asia, China CITIC Bank International, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank, OCBC Wing Hang Bank, Shanghai Commercial Bank, Standard Chartered Bank, and Wing Lung Bank.
The service aims to boost the adoption rate of mobile payments and peer-to-peer (P2P) services in Hong Kong. Angus Choi, JETCO CEO, said: "Despite the high smartphone penetration rate, and a well-established regulatory and financial infrastructure, Hong Kong consumers are less willing to use mobile payments and P2P than many of their regional and global counterparts. This can be attributed to a number of factors such as security concerns, technological constraints and inadequate understanding of the service."
"JETCO and our bank partners are committed to overcoming these constraints and offering a product that is convenient and easy to use with a high level of security. We will also continue to work closely with our member banks and the industry to raise awareness of the use and benefits of P2P fund transfer among consumers. In the medium to long term, we are looking to develop our P2M (person to merchants) and bill payment services as part of our mobile payment offerings."
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