Octopus Cards and PingPong join hands to expand cross-border payments

Octopus Cards and Chinese fintech company PingPong have entered a strategic partnership to provide more efficient and secure online cross-border payment solutions for businesses entering the Hong Kong market. 

This comes as Hong Kong is an international financial centre and a free trade port with unique geographical advantages. The city serves as an important gateway for mainland enterprises to "go global" and is a key battleground for numerous brands seeking internationalisation, according to the release. PingPong has cited the expansion of various internet companies and consumer brands in Hong Kong, including Didi (滴滴), NetEase Games (網易遊戲), Heytea (喜茶), and Pop Mart (泡泡瑪特). 

Meanwhile, Octopus, the most popular electronic payment platform among Hong Kong residents, has a penetration rate of 98% across the city, featuring the highest number of coverage points and 190,000 merchant payment locations.

According to PingPong, for businesses to thrive and grow in the Hong Kong market, it is crucial to not only tailor products and brands to local demands but also to incorporate widely used local payment methods and deliver efficient payment services. This approach can greatly lower purchase barriers for consumers during the final stages, improve the overall shopping experience, and boost brand loyalty. Therefore, the partnership aims to assist Chinese brands and global companies in expanding their market presence and driving business growth in Hong Kong.

As a global payment partner that has integrated its system with Octopus, PingPong will deeply integrate Octopus's payment capabilities to provide localised online payment solutions for businesses. Through the PingPong platform, companies can easily receive payments from Hong Kong consumers using Octopus, benefiting from advantages such as fast transaction processing, transparent exchange rates, and low costs, according to the release.

Rita Li, director of retail and partnerships, Octopus, said: "Hong Kong is one of the most dynamic eCommerce markets in the world. With PingPong's established global network and its reputation among brands in mainland China, our collaboration with PingPong will provide Octopus customers with a more convenient and seamless online payment experience. We will also work together to help overseas merchants seize opportunities in the Hong Kong market and create greater growth potential for cross-border businesses."

Alex Chen, vice president, global head of business development and partnership, PingPong, said that this collaboration integrates PingPong's global payment network and ecosystem with Octopus's high penetration in the Hong Kong market and its extensive coverage across various scenarios. He added that the partnership will enable global companies to build trust and connect more swiftly with Hong Kong consumers, thereby speeding up their expansion in the Hong Kong market.

Don't miss: Hongkongers may use Octopus Card in Japan later this year

In early March, Octopus Cards said it is in discussion with major Japanese payment platforms to enable Hongkongers to use Octopus cards in Japan as early as the third quarter of the year.

Octopus Cards’ product director Andy King said during a media luncheon that tourists will be able to scan QR codes provided by shops in Japan for payments, according to HKFP. These transactions will be automatically converted to Hong Kong dollars and deducted from their Octopus accounts. This follows Octopus' launch of Thailand's PromptPay QR code payment in its app in 2023 and the launch of Zero Pay in South Korea last year.

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