Visa's Card Services To Support Android Pay In Hong Kong
Zacks Investment Research | Oct 19, 2016 09:43PM ET
Visa Inc. (NYSE:V) recently announced that consumers in Hong Kong would now be able to complete online transactions with their Visa cards on Android Pay. Customers using Android devices with the version KitKat 4.4 or higher and having NFC connectivity can easily use the application.
Android Pay is available as an open platform to merchants looking to gain from the rapid expansion of mobile payment options. In-store merchants can also access the Android Pay Merchant Help Centre or reach out to acquirer partners like DBS, First Data and Hang Seng to learn more about accepting contactless payments. The partnership with Google, which is an unit of Alphabet Inc. (NASDAQ:GOOGL) , should help Visa to broaden electronic payments in the highly potential Hong Kong market. Apart from Visa, MasterCard Inc. (NYSE:MA) has joined forces with Google for a similar initiative.
Android users in Hong Kong can easily start using the service by downloading the latest version of Android Pay from Google Play Store and then adding Visa card in the payment options. Much like Apple Pay – the payment initiative from Apple Inc. (NASDAQ:AAPL) – Android Pay is joining forces with several banks across the world.
Android Pay not only facilitates payment but also ensures security of the transactions. The payments will be made using Visa Token Service (VTS) standard – a security technology designed to replace the credentials of cardholders ( such as account numbers and expiration dates) with a unique digital identifier or “token". Visa safeguards payments by its tokenization technology which keeps cardholders’ information confidential.
The tremendous growth potential offered by Hong Kong is clearly evident from its mobile subscriber penetration rate reaching roughly 228% and mobile subscriber base of nearly 17 million. Approximately 79% of the city’s population use smartphones. The people in Hong Kong are known for their interest in new products and technology. In view of all these factors, it comes as no surprise that Hong Kong is one of the first few markets in the Asia Pacific there this mobile payment option has been launched.
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