3 Hong Kong readies for metaverse with new crypto payment offering

3 Hong Kong, the mobile arm of Hutchison Telecommunications Hong Kong, is enabling customers to pay for phone bills, products, and services online with selected cryptocurrencies. The offering will be powered by FTX US’s cryptocurrency exchange service “FTX Pay”.

Hong Kong customers will be able to send and accept payments online using selected cryptocurrencies for monthly fees, purchases of mobile devices and value-added services, in addition, to pay orders from the 3Mall, the operator’s e-Commerce platform. The new payment option is expected to be extended to 3Shops in the second phase in April.

HTHKH executive director and CEO Kenny Koo said that the company is providing customers with a new spending platform in the metaverse. “We are thrilled to become the first operator in Hong Kong to embrace cryptocurrency payments. We have put our words into action and pushed forward with the launch of the new payment option after our first venture into the crypto art market last July. 3 Hong Kong is pioneering a new digital world with the addition of virtual currency payments as evidenced by the exciting collaboration with FTX US using FTX Pay,” Koo said.

Users will have to create an FTX US account to access and use the FTX Pay feature. Multiple wallets are accepted with no administrative charge by 3 Hong Kong on customers or minimum spend. Each crypto payment transaction is expected to complete within 15 minutes, depending on the cryptocurrency used and related operational and compliance requirements. Only Hong Kong residents will be permitted to use the service; it will not be available in mainland China.

Adam Jacobs, head of Payments at FTX, said: “This collaboration is another step we are taking to provide our clients with new and innovative ways to engage with cryptocurrency. This step is the first of many as we aim for the success of this operation and look for opportunities to help innovative companies like 3 Hong Kong provide real choice to their clients when settling their bills. Hong Kong is a forward-looking international finance center, 2 and we welcome its focus on fostering a strong business and regulatory environment for this innovative sector.”