Published on : 09/08/2024
Hong Kong’s biggest commercial bank HSBC is expanding its PayMe digital payment platform for transactions worldwide by riding on the global network of the dominant Chinese state-controlled financial services provider UnionPay, making it easier to settle payments in China and foreign countries.
How to activate the service? What is the exchange rate? Is there any handling fee? Let's check out here.
PayMe operates as a debit card that connects to the UnionPay QR Code
PayMe, owned by HSBC, has announced the launch of its first "UnionPay Virtual Card". PayMe users will be able to create a virtual UnionPay card within the app with some simple verifications.
The virual card will grant users access to more than 34 million merchants in 46 markets around the world, including Hong Kong, the Mainland China, and Macao.
The "UnionPay Virtual Card" is a debit card that can be applied for by users aged 12 and above.
Once users completed their ID or top-up method verification, they can then make in-store payments globally by scanning the UnionPay QR code displayed at merchants, or by showing their UnionPay QR code on the PayMe app.
Existing PayMe users may need to update the app first in order to activate the new service.
Online shopping available based on UnionPay exchange rate
Since the "UnionPay Virtual Card" is a debit card, users need to top up their PayMe wallet before they can use it.
When paying up, the money is instantly calculated at the UnionPay exchange rate and directly deducted from the PayMe wallet balance.
In addition, the virtual card can be used for online shopping, allowing online payments at any online merchants that accept UnionPay.
PayMe offers fee waived in China
For transaction fees, users can enjoy free transaction advantages when spending in the Mainland, Hong Kong, and Macao.
HSBC accounts or credit card top-ups are also fee waived. However, starting from August 19, 2024, PayMe will charge a 1.2% handling fee for top-ups when using non-HSBC credit cards.
In terms of account management, users can manage the virtual card at any time through the PayMe application, including locking the card, unlocking it, and viewing its virtual card information.
Read more: Overview of Octopus’s 3 cross-border payment services
Read more: Octopus – China T-Union Card now on sale!
