The PayMe app has been used to process millions of transactions since its launch in early 2017
An HSBC app that makes it quicker and easier for people to transfer money to their friends and family has won two technology awards.
PayMe, a social payments app, allows people living in Hong Kong to send money to other users of the app instantly, securely and for free with just a few taps on their phone – irrespective of the bank they use. To make a payment users do not need a friend’s bank account details – just their mobile phone number.
It is great to see PayMe being used by so many people in our Hong Kong community
Users can send personalised messages, including emojis, alongside transactions. The app can be used to split a restaurant bill or settle up for a group outing, for example.
PayMe won the Gold Award in the Emerging Solutions and FinTech Security category, and the Grand Award, the top prize in the FinTech category, at April’s ICT (Information and Communications Technology) awards in Hong Kong.
The app was launched in early 2017, and by the end of the year had been used to process millions of transactions by hundreds of thousands of users. It is available to Hong Kong residents who have a Mastercard or Visa credit card.
The judges said: “PayMe is a well-developed application that is very user-friendly. Its social aspect to payment is appealing in the local market, especially for millennials.”
Kevin Martin, Head of Retail Banking and Wealth Management, Asia-Pacific, HSBC, said: “It is great to see PayMe being used by so many people in our Hong Kong community, from millennials to those in retirement.
“Serving the communities of Hong Kong has always been at the heart of our business and PayMe lets both our customers and non-customers enjoy the safety, ease and social interaction of a new way to make payments.”
The PayMe app is one of a number of ways that HSBC is using technology to make banking easier in markets around the world. Others include:
Paying with a selfie: Thanks to facial recognition technology, retail banking customers in China can authenticate money transfers by blinking into their phone camera in ‘selfie mode’
Banking through WeChat: Chinese customers can view their balance and click through to mobile banking via the messaging and social media app
All-in-one account access: In the UK, our new app, Connected Money, will allow people to see all their finances on one screen – including accounts held with other banks – giving them a better overview and greater control of their money