e-Payments Development

 

e-Payment has developed at supersonic speed and has experienced extremely rapid growth. Payment habits globally are also changing. The e-Payment market is increasingly active. In some countries in Europe, entire cities have already gone cashless. You have in front of you a dizzying array of payment choices. How much do you know about them?

 

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Octopus
Alipay HK
Alipay
American Express
Mastercard
Visa
UnionPay
   
WeChat Pay

Top Payment Gateway HK-Secure | EftPay Efficient Payment Processing

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Simplify Payment Gateway Hong Kong: Accept Visa E-Wallets and More Online Payment Methods

Whether it is a local online store, app sites, international transaction e-commerce or an O2O business that integrates physical and online, choosing the right payment gateway Hong Kong solution will directly affect your conversion rate and customer retention. All best electronic payment gateway solutions for business in hong kong China, e wallet Hong Kong is the main online epayment method, which reflects that the diversity of payment methods is no longer an extra point, but a basic configuration. If merchants only accept credit cards or bank transfers, it is easy for customers to give up shopping at the last step. Online payment gateway paid service providers Hong Kong integrates multiple Hong Kong payment methods, which is an important strategy to improve conversion rate and user experience.

The core components of Payment Gateway hk information

A mature payment gateway Hong Kong solution should not only provide basic collection functions, but also have high efficiency, high security and high flexibility integration capabilities. The core components include:

Payment processing platform: integrate credit cards, e-wallets, digital payment processor services,and online digital payment gateway processing system

Risk management system: proactively detect suspicious transactions and reduce fraud risks

Multi-currency settlement support: facilitate merchant payment gateway for international transaction to receive payments from overseas customers,such as individuals and enterprise.

Common payment methods and functions of Hong Kong Payment Gateway

1、Multiple payment methods support: support credit card and debit card payments, covering international card organizations such as VISA, MasterCard, JCB, American Express, FPS instant payment, etc. At the same time, e-wallet payment methods such as WeChat Pay, AlipayHK, Apple Pay, Google Pay, etc., as well as banking payment gateway transfer payment methods are also provided.

2、Real-time processing: can authorize credit cards/debit cards in real time, process transactions quickly and efficiently, so that merchants and customers can understand the transaction status in time and improve the shopping experience.

3、Transaction management: transaction records and report generation, refund and order management. Record all transaction details, including payment amount, time, method, status and other information, and generate flexible and powerful real-time reports to facilitate merchants to reconcile and process orders.

4、Cross-border payment gateway function: supports transactions in multiple currencies, and can automatically convert currencies according to real-time exchange rates, so that Hong Kong chinese companies can easily conduct cross-border gateway money transfer while reducing exchange rate risks. Meet the transaction needs between Hong Kong companies and international customers and help companies expand overseas markets.

5、Other value-added functions: subscription payment gateway, buy now pay later, installment payment, marketing and promotion, etc., integrated with other e-commerce systems, convenient for merchants to add or upgrade functions according to their own needs.

Can the Hong Kong payment gateway support both physical store and online store payments?

Best global largest third party payment platform Payment gateway Hong Kong supports online and offline integration, providing unified reporting and payment gateway integration collection management. Whether it is the POS system commonly used in physical stores or the e-commerce platform system of online stores, the payment gateway can be connected to it through the corresponding technical interface to realize the transmission and processing of payment information. The payment gateway integrates multiple payment methods, which is suitable for both physical stores and online shop payment options.

How can merchants save payment costs by applying for electronic payment platform?

1、Analysis of payment gateway application charging models:

Interchange++ model: more transparent, but requires professional understanding of the structure

Blended Pricing: simple and easy to understand, but usually with higher total costs

2、Hidden costs to avoid:

Cross-border transaction surcharge

Chargeback fee

Cooperating with credit card acquiring banks directly can save intermediary fees

Emerging trends in future electronic e payment platforms

1、CBDC integration in conjunction with the e-HKD pilot program

2、Buy Now Pay Later (BNPL) API, supporting zero-interest installments

3、Cryptocurrency payment access, targeting high-end or overseas markets

4、Support multi-currency settlement accounts and support access to various applications

Choose Chinese top of credit card and internet processing payment gateways online provider can have payment portals more easier and low online shop credit card payment gateway fees.

 
Octopus
Octopus card is a contactless stored value card that provides customers a simple, safe and secure way to pay. First launched in 1997, from a simple way to pay fares on public transport, Octopus has extended the service into small-value payments in the retail sector as well as many other applications, including government tolled tunnels and roads, parking, access control for residential and commercial buildings, various school facilities, self-service kiosks, and also online payment service with NFC-enabled mobile devices. Today, Octopus is more than just a card. From On-Loan Octopus to merchandise for consumers and corporations, including key chains, ornaments, watches and limited-edition Octopus cards, the growing range of Octopus products is designed to find a fit within every lifestyle.
 
AlipayHK
The electronic wallet is operated by Alipay Financial Services (HK) Limited and supervised by the Hong Kong Monetary Authority. Alipay Payment Services (HK) Limited (APSHK) is a joint venture established and managed by the CK Hutchison Holdings Limited, a multinational conglomerate spanning over 50 countries and Ant Financial Services Group, a leading global technology and financial services company and parent company of “Alipay”.
 
Coverage
Currently, the number of users of AlipayHK has exceeded 2 million and over 50,000 local retail outlets have supported electronic wallet for payment, covering large chain stores, convenient stores, drugstores, supermarkets, minibuses, fresh markets, taxies, restaurants and others. In addition to the payment service, the mobile application provides a wide range of lifestyle and convenience services for Hong Kong users, enabling Hong Kong residents to enjoy the convenience of this epoch-making multi-function electronic wallet.
 
Merchant Offers Page
AlipayHK has created a "Merchant Offers” page which merchant can through this platform to push their offers/promotions that can increase the visibility of the merchant. And it will be a real win-win situation for merchants, AlipayHK and customers.
 
E-stamp
Merchants can apply to join an exclusive E-stamp offer, which drives the traffics and increase the customer re-visit rate to the store that can help to increase the volume of sales.
 
Alipay
As the market leader, Alipay has the most global users and the second largest third-party payment company with 870 millions users in 39 countries in the world as at 31 March, 2018. Imagine that how well can merchants be benefited if all 870 millions are turned to merchant’s potential customers.
 
Cross Border Coupons Page
Alipay has constructed a ‘Departure Benefit’ platform, merchants can recommend discount or promotion to Alipay users through this platform which extends the opportunities of business
 
Mini program
Alipay mini program is a new open mode, it operates in customer’s side without downloading app, message and information can be received and spread conveniently. Merchants/developers provides users a wide range of services through mini program, which can increase user experience and build up brand image.
 
American Express
As an internationally renowned financial services company found in 1850 with its headquarter situated in New York, American Express is the world's largest card issuer by purchase volume and processes millions of transactions daily as the premium network for high-spending cardmembers. American Express has been recognized as the most innovative company in the industries and operates one of the world’s largest travel networks.
 
Mastercard
Mastercard operates the world’s fastest payment processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories
 
Visa The world’s leader in digital payments
Visa connects the world through the most innovative, reliable and secure payment network - enabling individuals, merchants, businesses, banks and government to promote electronic payment. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Visa will continue to dedicate relentless focus on technology innovation and develop the newest payment methods, and drive the dream of a cashless future for everyone, everywhere.
 
Visa’s worldwide acceptance Helping you reach more consumers
．Visa can be found in more than 200 countries and regions
．More than 50 million merchant locations worldwide*
．Consumers around the world carry 3.3 billion Visa cards ^
*Source： Data provided to Visa by operating financial institutions and other third parties.
^Source： Figure is from Visa’s operational performance data and updated as of September 30, 2018.
 
Visa Contactless Becoming more popular

In Hong Kong, more than half of face-to-face Visa transactions are contactless# . Visa users can tap and pay with contactless credit card, or enabled mobile devices such as smart phones and smart watches. Payment is simple, fast and secure.
#Source：Figure is from VisaNet and updated as of 31 March, 2019.

 
Visa Payment Transaction Safe & Secure
Given Visa’s global footprint – accepted by merchants in more than 200 countries and regions – Visa takes a rigorous and multi-layered approach to security. As such Visa cards follow EMV® specifications on security and global interoperability. In addition, Visa Token Service enables seamless digital payment experiences while also protecting consumers’ sensitive information falling into the hands of fraudsters. 
 
The App of UnionPay
The UnionPay mobile application is the unified mobile payment portal of China's banking industry launched by UnionPay together with commercial banks and payment service providers in China. The app offers one-stop mobile payment services to its users.
So far, users of the UnionPay app can enjoy safe and convenient mobile payment services in 47 countries and regions. UnionPay QR code payment is accepted at over 11 million merchants in mainland China, and is available in 31 countries and regions outside mainland China. The app users can also make tap&go payments at over 2.8 million POS terminals in 37 countries and regions.
 

WeChat Pay

WeChat Pay is a leading third-party payment platform of Tencent Holdings Limited in China. ‘Not just Pay in WeChat Pay’ as their core value. WeChat Pay has always been devoted in providing users and enterprises secure, convenient, professional online payment services. ‘Smart living Solution’ seems WeChat Pay as a core and is now covering numerous industries, such as retailing, catering, medical, transportation, home affairs etc.. Not only does it provide exclusive daily conveniency for a billion active WeChat users, but also enhances the capability of sales for merchant, which causes a ‘cash-free’ live style, and builds a intelligent society.

 

Public account

WeChat public account is a service platform where provides merchants with exclusive business services and ability of user management. Merchant can recommend latest brand-related news and information. They can also invent booking system,  customer service system, product introduction, positioning service etc. by establishing online shop which expand sales platform for merchants. They can have deeper interaction with customers in order to provide better service at the same while.

 
Mini program
WeChat mini program is a brand new open platform. Phone users do enjoy perfect user experience by receiving and spreading message and information freely and easily through mini program without installing any mobile app. The expense for invention of mini program is smaller than any other mobile app in the past. Merchants can establish a mature, convenient, and great ecosystem between them and users by linking up with mini program, such as public account linkage, friend recommendation, QR code, searching and advertisement etc..
 
Scan code to get red packet
WeChat launched a new sales mini program platform in providing various discounts, including exchange rate discount, doubled discount, shopping mall event discount, industrial event discount etc., it replaced the red packet event in the past. Besides, branded merchants can open a unique merchant web page in mini program, and display merchant discount in order to improve brand image and stimulate consume.

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