AlipayHK Will Be Offering QR-Based MTR Payments By 2020by Fintech News Hong Kong November 16, 2018
After a fierce battle, AlipayHK wins the ability to provide QR code payment solutions for Hong Kong’s MTR, with the new payment system to be rolled out to 91 MTR stations by mid-2020.
AlipayHK will serve as an extra option for commuters apart from the well-worn Octopus cards that have dominated public transportation so far. AlipayHK will also be supporting a dual offline solution, where even if internet is spotty or if one is offline, transactions can sitll be completed. Alipay wallet users will also be able to link their accounts to the MTR app to make payments.
AlipayHK is a collaboration between Hong Kong’s CK Hutchison Holdings conglomerate and Ant Financial, the fintech arm of he Alibaba Group.
In addition to the domination of Octopus cards, passengers of MTR will be able to use their AlipayHK accounts to pay fares by mid-2020. The exclusive right for AlipayHK will last for one year before three additional providers are added in mid-2021. According to a South China Morning Post article, AlipayHK was elected above other bidders because of its technology and speed.
This won’t be AlipayHK’s first foray into transportation. AlipayHK also entered taxi industry with its EasyGo expansion as well as minibus operators, but this seems like an avenue of higher potential for the company as according to AlipayHK, the company will be tapping into an MTR system that caters roughly 5.8 million passengers trips every work day.
Featured image via Steve Webl on flickr