Normally, the payment apps are also known as mobile wallets. It actually refers to a payment service under financial regulation and also is performed by using a mobile device. At present, the new payment mechanism that involves payment for the transaction using a mobile wallet money transfer is achieving energy. The concept of mobile payment is gradually being accepted and adopted all over the globe in diverse ways. Before conducting any transaction, the money can be deposited in a payment app. The bank account of an individual can be associated with a digital app to conduct the financial transaction. The digital payment app Hong Kong acts as a virtual wallet, where you can store your money digitally and utilize it for different online and offline transactions. It can be often linked to your mobile number as well as your bank account to simplify simple, fast and safe monetary transactions.
An Overview of Digital Payment Apps in HK
There are several major digital wallets in Hong Kong including Pay Me, WeChat Pay, Tap & Go, OlePay, AlipayHK, Google Pay, TNG Wallet, Apple Pay and Union PayQuick Pass. Besides the cash withdrawal, top up and P2P transfer, some of the digital wallets will also offer operations for worldwide bill payment and money transfer as well. By using some of these digital wallets, you can withdraw your money as well as pay to your bank accounts. In Hong Kong, the digital payment apps are mainly concentrated on P2P payments. Usually, the transfers can be made via this app itself or else via Facebook Messenger, SMS or WhatsApp message. With this payment app, Android and iOS smartphone users settle their payments at the designated merchants via Master card contactless technology. Also, the users can utilize it for both online purchases and overseas as well as make instant money transfers.
Best b2b cross border payment solution for your business
Typically, the B2B payment ecosystem is filled with high prices, pain points, limited capabilities and inefficiencies. B2B cross border is also one of the best payment solutions for your business. So, it is essential to examine the different kinds of b2b cross-border payments in Hong Kong including:
Cash
It is one of the most ineffective ways to make B2B payments, specifically with a lot of banks closing branches.
Cheque
There are plenty of obstacles to making payments through cheques. It also includes slow clearing times, manual processing, subject to errors, lack of visibility and high cost due to bank charges.
Bank transfers
More often, bank transfers are utilized by businesses to make payments; because they are simple to keep track of, safe and have less failure rates.
