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Why is mobile payment so slow to take off in HK

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  1. #21

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    Quote Originally Posted by JAherbert:
    That huge float of unused money must be too appealing. All those tourist cards that leave the shores with $32.34 left on them

    It really sounds like a cash grab of other peoples money. Nice to be a government sanctioned monopoly.
    JAherbert likes this.

  2. #22
    Quote Originally Posted by JAherbert:
    So this card I have lying on my desk that I never use and never put money on it will attract a fee that will never get paid because ... I never use it.

  3. #23

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    Original Post Deleted
    Absolutely but for effort of adding a line into their signup form they can take peoples money for doing virtually nothing with very little chance of people complaining. If the government mandated the MTR allowed people to pay by NFC credit card or Octopus multi-day tourists probably wouldn't bother getting a card.

  4. #24

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    Quote Originally Posted by Zero Gravitas:
    ........attract a fee that will never get paid
    surely they will deduct from that deposit, if that causes less than zero balance then it cant be used

  5. #25

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    Quote Originally Posted by bdw:
    In HK I also use payme twice per month to suck out $10k ($5k each time) from my credit card interest free and then dump it back onto my mortgage to reduce my mortgage. It just gives a little bit of interest free money every month. I don't actually use payme for it's intended purposes as a p2p payment system, I use it to cheat the system.
    @bdw - Thanks for the tip. Would be interesting to see if I can use this for *all* household expenses AND mortgage payment. I do owe you a few beers for this one, regardless of it working for me or not. Neat hack.

  6. #26

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    If the government mandated the MTR allowed people to pay by NFC credit card
    That might make HK loose that freest economy in the world "award".

  7. #27

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    Quote Originally Posted by shri:
    @bdw - Thanks for the tip. Would be interesting to see if I can use this for *all* household expenses AND mortgage payment. I do owe you a few beers for this one, regardless of it working for me or not. Neat hack.
    You can also use the octopus app to withdraw money from your octopus ($500 withdrawal per day) up to 4 cards. This gives you an extra $2000 a day or ~$60,000 a month. Transfer the money back into your bank account for whatever you want to use it for.

    Also depending on your credit card you can earn reward miles. So for me I gain 10,000 miles a month.

    There is a 0.5% transaction fee after the first $5000 when transferring money from the octopus app back into your bank account, but thats'a very minimal considering all those asia miles
    shri likes this.

  8. #28

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    Quote Originally Posted by shri:
    @bdw - Thanks for the tip. Would be interesting to see if I can use this for *all* household expenses AND mortgage payment. I do owe you a few beers for this one, regardless of it working for me or not. Neat hack.
    No worries. Also your wife and kids (anyone with HKID) can create payme accounts with the same credit card and it's actually $10k per person that your can suck out of the card and dump straight back on your mortgage or use for monthly expenses interest free.

  9. #29

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    Quote Originally Posted by bdw:
    No worries. Also your wife and kids (anyone with HKID) can create payme accounts with the same credit card and it's actually $10k per person that your can suck out of the card and dump straight back on your mortgage or use for monthly expenses interest free.
    Now thats a bonus... forgot that the Mrs also has a credit card linked to the same account.

  10. #30

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    Quote Originally Posted by Cminds:
    You can also use the octopus app to withdraw money from your octopus ($500 withdrawal per day) up to 4 cards. This gives you an extra $2000 a day or ~$60,000 a month. Transfer the money back into your bank account for whatever you want to use it for.

    Also depending on your credit card you can earn reward miles. So for me I gain 10,000 miles a month.

    There is a 0.5% transaction fee after the first $5000 when transferring money from the octopus app back into your bank account, but thats'a very minimal considering all those asia miles
    Do check your CC terms though. Some CCs are cracking down on this.