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Harvey Chan, Business development director Payment Asia
We see a huge demand increase in digital payment in Hong Kong local market, especially for small and medium-sized enterprises. More and more mom-and-pop shops began to search for digital payment solutions.
Such a trend also changes the agencies’ business model as they now need to provide more accessible and cheap solutions for clients. It is a time for companies to show efficiency with a tighter budget.
Usually, SMEs prefer a one-stop solution, with value-add services. It really requires companies to use innovative technologies to explore the consumption potential of the customer base.
There are several things a brand can do to embrace a cashless society. First, complete preparation of the payment gateway. This is the basis for any brand to start their “cashless” experience. The online payment system should provide a comprehensive solution to connect with any e-wallet customers use.
Second, a digital-first mindset. We still emphasize the importance of offline presence. However, online engagement has proven its long-tail effect in many ways.
Last but not least, with the rise of big data analysis, Hong Kong e-payment service providers no longer just passively provide e-commerce payment and collection solutions. We will also develop a comprehensive business strategy for merchants based on their characteristics and the needs of individual industries, to help increase sales.
We see an average 88% sales increase brought by consumption vouchers in 30 days during the last batch (between March and April). More banks saw consumers’ demand for a cashless environment, and rolled out their e-wallets as well.
For Hong Kong, it helps to create a healthy yet competitive atmosphere. According to data from Statista Market Forecast, the size of Hong Kong’s e-commerce market is expected to reach US$37.96 billion by 2025, while the total number of users to exceed 6 million, indicating a huge market for brands to go digital.
It also means easy monitoring for brands about their traffic. Brands can analyze big data through artificial intelligence to help them achieve their goals in the market.