Octopus supports micro and small business owners with new measures

Octopus Cards has introduced a series of new measures to assist micro and small business owners in easing cost pressure, expanding their customer base, and enhancing their competitiveness.

Starting from 1 August, Octopus will permanently waive “Bank Account Fund Transfer Fees (service fees)” for the first HK$10,000 in transactions for all micro, small and medium-sized enterprises (MSMEs) using the Octopus App for business in Hong Kong.

The company will further open up its payment network to other payment means, bringing new revenue sources to merchants and greater convenience to customers.

To actively promote the adoption of electronic payments among MSMEs in Hong Kong, the company has provided its Octopus App for business accounts for free to more than 46,000 retail and catering merchants, spending over HK$12 million by providing free Octopus Mobile POS to participating merchants.

To date, Octopus has processed over 200 million transactions without charging any service fees to MSME, on top of an all-in-one Octopus payment solution with zero setup cost.

The new HK$10,000 transaction waiver will benefit all Octopus App for business merchants. Currently, over 80% of Octopus App for business merchants have a monthly transaction volume of HK$10,000 or less, according to the release. Under the new measure, most of these MSMEs can enjoy a full exemption of service fees.

In addition to the permanent waiver, new business owners who sign up for Octopus App for business will continue to enjoy free service fee on all transfers for the first six months and a free Octopus mobile POS.

A new way of fund transfer is being developed to enable small business sole proprietors to transfer their business income free of charge to Octopus, helping merchants with greater flexibility and further lowering their operating costs.

Octopus will also open up its Octopus App for business payment network to other payment platforms, providing merchants with new revenue sources and expanded acceptance options. Plus, Octopus will enhance the card reading function of Octopus App for business, delivering a more user-friendly interface while enabling faster payments for merchants.

Rita Li, Octopus’s sales and marketing director, said: “Micro and small businesses are the backbone of Hong Kong’s economy. This series of new measures demonstrate our commitment to empowering business owners, helping them stay competitive and resilient in the rapidly evolving market.”

MARKETING-INTERACTIVE has reached out to Octopus for more information. 

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