Adyen (AMS: ADYEN), the global financial technology platform of choice for leading enterprise businesses, today announced its partnership with PayMe by HSBC in Hong Kong to become an acquirer for the mobile payment service.
Through this partnership, Adyen’s merchants can now accept PayMe as “a payment method when their Hong Kong customers check out their purchases online.”
PayMe by HSBC is a home-grown payment app in Hong Kong “accepted at over 65,000 physical and online outlets across Hong Kong, ranging from start-ups and local SMEs to some of the city’s largest daily necessity merchants with a growing base of over three million personal users.”
Kai Tang, Head of Hong Kong, Adyen said:
“We are thrilled to partner with PayMe, a homegrown payment service with over three million users in Hong Kong. The partnership enables our local and global customers to provide Hong Kong shoppers more ways to purchase their favorite brands. By enabling one of the most popular local payment methods, we help merchants increase their revenue, open up new sales channels and markets – all with a single integration.”
With the increased consumer use of digital payments “following the Hong Kong government’s introduction of the Consumption Voucher Scheme, businesses that stayed competitive started adopting their customers’ preferred payment methods, including PayMe.”
The Hong Kong Monetary Authority recorded “a total of 68.78 million Stored Value Facility (SVF) accounts in use in Q3 2023, a 4.5% increase from the previous quarter and a 10.7% increase from the year before.”
Adyen’s research also found “that 66% of Hong Kong shoppers would abandon their cart if they can’t pay how they want – punctuating the need for businesses to offer their customers’ favorite payment methods, or risk the sales.”
Brad Jones, Head of PayMe, HSBC said:
“We are excited to collaborate with Adyen, which offers payment solutions for some of the world’s largest merchants. In alignment with our mission to foster the growth of electronic payments in Hong Kong, this partnership with Adyen not only allows us to broaden PayMe’s merchant base, but also strengthens our capabilities to meet the diverse consumption needs of our users.”
Besides PayMe, payment methods available to Adyen’s customers in Hong Kong “include (but not limited to) AlipayHK, American Express, Apple Pay, Google Pay, JCB, Mastercard, Samsung Pay, UnionPay, Visa, and WeChat Pay HK.”
As covered, Adyen is the financial technology platform of choice for companies.
By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses “achieve their ambitions faster. With offices around the world, Adyen works with the likes of Meta, Uber, H&M, eBay, and Microsoft. The cooperation with PayMe by HSBC as described in this update underlines Adyen’s continuous expansion of supported payment methods and regions over the years.”
