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Why is there no debit card in Hong Kong?

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  1. #31

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    Quote Originally Posted by Greghouse:
    I always thought that EPS was Hong Kong’s version of debit cards.

    https://en.m.wikipedia.org/wiki/Elec...yment_Services

    Don’t think you can use it for online payments though.
    "Was" ... in the day... before e-commerce and all that...
    Greghouse likes this.

  2. #32

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    Quote Originally Posted by freeier:
    thats an interesting concept.. can you explain how you arrived at this institutionalized monopoly concept ? and why octopus and not visa or mc ?
    Can you explain your decision to post a rebuttal without first understanding the different payment forms? The OP asked about debit cards. Debit, charge (most AE) and credit (Visa and MC) are different. While some bank debit cards have a MC or Visa logo on them, they act as processors for the transaction and are not in fact credit cards. Same for credit as the credit is extended by the FI not Visa or MC.You can look up online the terms and how each are different but its obvious IMO. The closest widespread form of debit payment in HK really is the Octopus. Having said that, its more of a prepaid debit card.
    Last edited by RMDNC; 02-07-2020 at 09:30 AM.

  3. #33

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    I have a new citi debit card which I have successfully used for online purchases, deducting foreign currency directly with citibank Global Wallet turned on.

    It ran a promotion which ended on 30th June, offering 10% rebate for new banking customers.


  4. #34

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    Michael, post rebate period I would go to your bank and ask for an ATM only card for security. You have better protection with a credit card in the case of theft of the card and use of it. https://guides.wsj.com/personal-fina...ur-debit-card/


  5. #35

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    Quote Originally Posted by RMDNC:
    Can you explain your decision to post a rebuttal without first understanding the different payment forms? The OP asked about debit cards. Debit, charge (most AE) and credit (Visa and MC) are different. While some bank debit cards have a MC or Visa logo on them, they act as processors for the transaction and are not in fact credit cards. Same for credit as the credit is extended by the FI not Visa or MC.You can look up online the terms and how each are different but its obvious IMO. The closest widespread form of debit payment in HK really is the Octopus. Having said that, its more of a prepaid debit card.
    i find your statement refreshing..

    in the first place, as you said, OP asked for debit card.. which certainly Octopus isn't because it is merely a carry around digital wallet that does not pay directly from your bank account.. the only reason Octopus is successful is because of this carry around usage, and not because of its sub-line, the olepay, which is pretty much a failure as seen now.

    my larger question is why you even claim its institutionalized monopoly ? Firstly Octopus is not a monopoly.. most guys chose not to get into digital wallet for many years because you really can't earn money in it.. Even Wechat and Alipay, in hk, i really doubt they make much money (no number proofs, but based on what i have seen and experienced). People only use them when promotion is available and if no promotion, switch to the next channel that has one.

    Look at singapore transit EZ-link card, look at UK Oyster, etc. Those are not money making. Singaporeans only use transit link for buses and trains, which means there are no additional revenue for the card to make to cover their infrastructure cost to even talk about profit. Oyster cost UK government around 10% of revenue just to maintain and manage that system.. to the extent they are going to let credit card companies takeover the running of that.

  6. #36

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    anyway banks like citibank do have ATM cards that are debit cards by themselves.. it comes under mastercard scheme and you don't get any credit on that card.. all direct debit form you account.

    dbs uses union pay but is also a direct debit card from your bank account


  7. #37

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    Quote Originally Posted by Michael Tsang:
    I have a new citi debit card which I have successfully used for online purchases, deducting foreign currency directly with citibank Global Wallet turned on.

    It ran a promotion which ended on 30th June, offering 10% rebate for new banking customers.
    Thanks for sharing.

    What is the specific name of the card you have from Citi?

    My Citi Debit card called 'Citi Priority Platinum Debit MasterCard', does not support online transactions.

  8. #38

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    Quote Originally Posted by TaD_LaLa:
    Thanks for sharing.

    What is the specific name of the card you have from Citi?

    My Citi Debit card called 'Citi Priority Platinum Debit MasterCard', does not support online transactions.

    I think it supports online transactions. You need to enable it in online banking / mobile app first.

  9. #39

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    Will give them a call to check.


  10. #40

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    Also note that nearly every ATM card issued by banks in Hong Kong is a debit card. If it has the EPS logo on it, it is a debit card usable on EPS network. If it has UnionPay logo on it, it is a debit card usable on UnionPay network and works on POS transactions (but not online transactions). Furthermore, Standard Chartered offers VISA debit card (which is a choice among UnionPay debit card) and Citibank offers Mastercard debit card which can be used for online shopping.


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