Checkout.com, a digital payments provider, announced a partnership with Octopus, Hong Kong’s “homegrown” global fintech, in order to enable online payment for customers of Hong Kong’s leading payment choice – becoming the global payment service provider (PSP) to add Octopus as a payment option at the time of check-out.
Octopus, the payment experience provider in Hong Kong, claims a 98% penetration among the city’s 7.5 million residents.
Initially introduced as the contactless card for “multimodal transportation” in 1997, Octopus has evolved into a payment system, now used for retail, shopping, and food as well as beverage transactions.
In a move to stay competitive in a fast-growing, globalized market where “digital-first” payments are expected, Octopus has been driving the shift toward digital payments in Hong Kong.
Since launching its mobile app in 2012, there are now more than 4.5 million Octopus wallets. With its ecosystem partners, the company continues to drive mobile payment adoption in Hong Kong, as well as expansion of interoperable payments in Mainland China and overseas.
Via this integration, Checkout.com empowers merchants targeting Hong Kong residents to offer a payment experience that meets the expectations of consumers.
The collab will make Octopus more accessible to merchants seeking a digital checkout experience, while enhancing merchants’ payment performance.
Checkout.com’s offering includes the integration of Octopus’s online payment solutions via Octopus mobile app.
Brian Sze, General Manager, APAC at Checkout.com, said that catering to local payment preferences is crucial for success in the Hong Kong market.
Brian added that their partnership with Octopus underscores Checkout.com’s commitment to investing in our Asia footprint, delivering localized payment solutions.
Edwin Lai, Head of Business Development and International Business at Octopus, said that at Octopus, they pride themselves for making everyday life easier.
Lai added that this partnership with Checkout.com will now aim to enhance and broaden the payment experience not just for our customers, but also merchants within Hong Kong and beyond.
They anticipate robust and steady demand from global and local businesses keen to gain access to Hong Kong’s growing consumer-base.