HSBC’s mobile solution helps corporates tap into Chinese consumers’ e-wallets

KUALA LUMPUR: HSBC Bank (China) Company Ltd (HSBC) has launched a new mobile solution, an omni-channel collections services to help multinational and domestic companies tap into Chinese consumers’ ewallets to pay for goods and services.

In a statement yesterday, HSBC said the solution, which operates across all major digital channels, allows retailers in China to collect payments from customers who use a variety of popular e-wallets such as Alipay, WeChat Pay, Apple Pay and UnionPay.

“The service can be applied at multiple points of sales, including e-commerce websites, social media channels and in-store transactions.

“The digital product is also integrated with the existing China UnionPay cards network and Internet banking interface, making it a comprehensive collection service,” it said.

Quoting China’s central bank, HSBC said the value of mobile payments jumped 46 per cent in 2016 from a year ago to reach RMB157.55 trillion (US$23.8 trillion).

HSBC Head of Global Liquidity and Cash Management for Asia Pacific Kee Joo Wong said mobile payments in China has become a catalyst for businesses to engage in multi-channel retail activities.

“Given this backdrop, companies -- in particular, consumerfacing multinationals -- recognise the customers payment preferences and giving them the flexibility to choose how, where and when to pay,” he said.

Kee said the solution also provides retailers with a consolidated view of their collections from all modes of payments, bot traditional and digital which eliminates the complexity of relying on multiple connections, thus reducing operational costs and building sustainable efficiency.

“Our initiative in China is part of our global effort to improve our clients’ experience by adding value through digital transformation and innovation.

“In meeting our clients’ evolving needs, our one-stop collections solution can further strengthen our receivables product suite, covering clients’ value chain needs by providing convenience, speed and simplicity,” he added. - Bernama