Digital wallets are on track to become the dominant payment method in Hong Kong by 2030, accounting for nearly half of all online and in-store transactions, marking a significant shift away from traditional credit card payments, according to a new report. Digital wallets – typically smartphone-enabled payment systems run by technology companies such as Google…
An e-commerce industry leader has suggested that Hong Kong should consider allowing a popular quick payment operator to arbitrate online transactions amid the rising trend of internet shopping scams, while also urging buyers not to use bank accounts for purchases. The statement comes after police earlier revealed that the amount of money lost by Hongkongers…
The Hong Kong Monetary Authority (HKMA) has made it incumbent on banks to conduct a mandatory name-matching process on customers for real-time fund transfers, the latest step by the city’s financial regulator to tackle scams. Financial institutions have been urged to adopt “refined measures” on their instant fund transfer systems such as the Faster Payment…