【Consumption Coupon / PayMe / BoC Pay / Octopus / Alipay HK Alipay / WeChat Pay / Tap & Go / Application】 The government announced yesterday (1st) that two new operators will distribute the next 5,000 yuan consumption coupons, one for HSBC PayMe and BOC Hong Kong's BoC Pay, but the transfer needs to complete a new registration procedure, and some citizens may find it troublesome to keep the original platform.
The following will analyze factors such as how the two operators will distribute consumer coupons, and the number of merchants they will cover in the future, so that readers can consider whether a “transfer” is necessary.
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PayMe and BoC Pay cash-out loopholes
Financial Secretary Chen Maobo announced earlier that the next issue of electronic consumer coupons of $5,000 is expected to be distributed during the summer vacation, and operators will be added to allow eligible citizens to "transfer".
The government announced yesterday that it will join PayMe and BoC Pay, saying that it took into account a basket of factors, such as relevant experience, popularity of electronic wallets, technical capabilities, time required for preparation, etc., and consulted the Hong Kong Monetary Authority before selecting the two. home operator.
However, how will the newly added operators distribute the vouchers?
Fang Baoqiao, Honorary President of the Hong Kong Information Technology Chamber of Commerce, said that although the two are e-wallets launched by traditional banks, it is estimated that the form of distribution is similar to that of the three operators other than Octopus, and there is no possibility of cashing out, which means that consumer coupons cannot be used. Transfer out to other accounts, and cross-border payment is not possible.
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Some market participants estimate that PayMe and BoC Pay may be in the form of electronic cash coupons, namely AlipayHK or WeChat Pay, or in the form of independent consumer coupon electronic wallets, namely Tap & Go.
Fang Baoqiao described it simply: "It's like a coffee coupon that comes into the app. It is deducted on the spot. If you deduct it, you will deduct it. If you deduct it, you will not be eligible."
Although a large number of posts claiming to be cashed out by brick-and-mortar stores have emerged on social platforms, the price ranges from about 10% to 50%, but citizens or merchants who cash out in this way involve fraud, fraud and other acts that violate the law. If the government finds out It will be referred to law enforcement agencies for follow-up, and the account involved has also been frozen or cancelled by the operator.
However, since some Octopus cards are not named, the upper limit of stored value is only RMB 3,000. Therefore, after receiving the last issue of consumption coupons, citizens can return the card to cash out, which is one of the unique advantages of Octopus.
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PayMe and BoC Pay may combine with credit card network to increase merchant coverage
As for the form of use, in addition to scanning QR codes, since traditional banks such as HSBC and BOC Hong Kong have a network of retailers with credit cards, Fang Baoqiao believes that it may be similar to Tap & Go. For example, by using credit card networks such as Mastercard, Let users use coupons.
At present, many merchants are equipped with aggregated cash registers. If they are connected to the credit card network, it is believed that the number of merchants covered will greatly increase.
Looking through the information, Tap & Go currently covers more than 100,000 merchants, second only to the most popular Octopus in Hong Kong. It can be inferred that if PayMe and BoC Pay take advantage of their advantages, their coverage will surpass that of Tap & Go, which combines Mastercard and UnionPay cards. , even better than Octopus.
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