Adyen, a financial technology platform for enterprise businesses, has announced a significant partnership with PayMe by HSBC. This partnership marks a strategic move for Adyen to become an acquirer for the popular mobile payment service in Hong Kong.

This collaboration enables Adyen’s merchants to offer PayMe as a payment option, enhancing the online checkout experience for Hong Kong customers.

PayMe by HSBC is a widely used payment app in Hong Kong. It is accepted at over 65,000 physical and online merchants, from local start-ups and SMEs to large-scale daily necessity providers and boasts a user base of more than three million.

The adoption of digital payment methods has seen a notable increase in Hong Kong, accelerated by initiatives like the Consumption Voucher Scheme introduced by the government.

Data from the Hong Kong Monetary Authority (HKMA) indicates a steady growth in the use of Stored Value Facility (SVF) accounts, with a marked increase in account usage over recent quarters. HKMA’s records show an increase in Stored Value Facility (SVF) accounts, with 68.78 million accounts in the third quarter of 2023 alone.

This represents a 4.5 percent rise from the preceding quarter and a 10.7 percent increase year over year. Furthermore, findings from Adyen reveal that 66 percent of Hong Kong shoppers would abandon a purchase if their preferred payment method were unavailable, emphasising the critical need for merchants to diversify payment options.

“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 favourite brands, regardless of channel,”

said Kai Tang, Head of Hong Kong of Adyen.

“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,”

said Brad Jones, Head of PayMe, HSBC.

Featured image credit: Edited from Freepik