Press Release

Taxi drivers can now accept PayMe by HSBC, through Octopus’ all-in-one payment solution with no service fee, offering more e-payment options for passengers

Hong Kong, 23 December 2024 – Octopus Cards Limited (“Octopus”) today announced that Hong Kong taxi drivers can now accept payment from PayMe by HSBC through Octopus’ all-in-one payment solution, facilitating passengers with digital payment options with over 27,000 taxi drivers across the city.

Since opening its network for taxi payment this year to UnionPay, AlipayHK, and Alipay in January, and WeChat Pay in August, Octopus has seen a significant uptick in electronic payment adoption through Octopus’s network by both riders and drivers. The number of active taxi drivers accepting electronic payment has increased by 40%, with the average monthly transaction volume rising by nearly 60% since launch.

Octopus has been working closely with the taxi industry and the government to provide a simple one-stop solution to both locals and tourists for both contactless and QR code payments in taxis. To make digital payment ubiquitous in taxis, Octopus does not charge any transaction fee. Currently, seven in ten taxi drivers in Hong Kong have registered to use the Octopus Mobile POS paired with drivers’ Octopus Business App.

PayMe currently covers over 100,000 local and online merchants across Hong Kong. This collaboration with Octopus will expand its merchant network and extend into the realm of daily transportation, enhancing PayMe as the electronic wallet for Hong Kong residents in their 'essentials of life' – clothing, food, housing, and transport.

Tim Ying, CEO of Octopus: “Since opening Octopus’ network to other digital payment platforms earlier this year, we have seen a steady rise in usage. As digital payments gain popularity among passengers and drivers, we are pleased to enable Hong Kong taxis to accept PayMe. Octopus’ all-in-one payment solutions will make it more convenient for more people to pay and get paid digitally. We will continue to enrich our acceptance footprint and make it easier for Hong Kong residents and visitors to get around the city.”

Brad Jones, Head of PayMe by HSBC: “Taxi plays an integral role in the daily lives of many Hongkongers. This marks the first time PayMe is accepted as a payment method in public transport, representing a significant milestone in its journey to become one of the city's most popular mobile wallets. Our collaboration with Octopus underscores PayMe's commitment to enhancing Hong Kong's digital payment ecosystem by providing another convenient and efficient payment option for taxi passengers.”

Taxi drivers can enjoy zero handling fees
Since the launch of the Octopus App for Business in 2018, Octopus has waived handling fees for taxi drivers (for bank account fund transfer costs). Drivers can also choose to transfer fares collected to their Octopus cards for free, allowing them to continue enjoying the convenience of Octopus payments at no cost.

Update the Octopus App for Business to access the latest services
Taxi drivers already using the Octopus App for Business to collect payments do not need to re-apply; they simply need to update the app to access the newest services and accept payments from more electronic platforms. During payment, taxi drivers only need to enter the fare amount in Octopus App for Business, and passengers can then tap their Octopus or scan the QR code to pay at the Octopus Mobile POS.

Taxi drivers can set up accounts within three working days and receive a free Octopus Mobile POS
Taxi drivers using Android or iOS devices need only to download the Octopus App for Business and submit simple documentation via their mobile. Once approved, accounts can be activated within three working days, and drivers will receive a merchant kit, including the Octopus Mobile POS. Drivers need to enable Bluetooth on their phones to pair with the Octopus Mobile POS, then activate the “Cashier Mode” in the Octopus App for Business. During payment, driver enter the transaction amount, which will be immediately displayed on the Octopus Mobile POS, and passengers can then tap their Octopus or scan the QR code to complete the payment.

 

Photo Caption:

1. (From the left) Brad Jones, Head of PayMe by HSBC, and Tim Ying, Octopus CEO, pose for a photo to announce that Hong Kong taxi drivers can now accept payment from PayMe by HSBC through Octopus’ all-in-one payment solution.
2. (From the left) Lawrence Li, Chief Commercial Officer, PayMe by HSBC, Brad Jones, Head of PayMe by HSBC, Tim Ying, CEO of Octopus, and Andy Yip, Product Director of Octopus.

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