Payments battle heats up

HONG KONG’S shopping districts are well known for their fierce competition. Now, a new battleground is forming, as digital payments firms fight for retailers and shoppers. Chinese tech giants like Tencent and Alibaba are bringing their payment platforms to a city that has long thrived on cash and credit cards, putting them into competition with the likes of Google, Apple and Samsung, as well as local players like HSBC. “Hong Kong is probably a little behind other places when it comes to digital payments, so we are seeing a rush to establish a first mover advantage,” said Fergus Gordon, who leads Accenture’s Asia-Pacific banking practice. The city has become an important testing ground for dominant rivals Tencent’s WeChat Pay, and Alibaba’s Alipay.