In a significant move to enhance payment flexibility, Adyen, a global financial technology platform catering to enterprise businesses, has announced its collaboration with PayMe by HSBC in Hong Kong. This partnership designates Adyen as an acquirer of the mobile payment service, enabling Adyen’s merchants to accept PayMe as a payment method during online checkouts for their Hong Kong customers.

PayMe by HSBC is a locally developed payment app widely embraced across Hong Kong, with acceptance at over 65,000 physical and online outlets. The app caters to a diverse spectrum of businesses, ranging from startups and local SMEs to major retailers, boasting a user base exceeding three million individuals.

“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,” said Kai Tang, Head of Hong Kong, Adyen. “By enabling one of the most popular local payment methods, we help merchants increase their revenue, and open up new sales channels and markets – all with a single integration.”

Amidst a surge in digital payment adoption fueled by the Hong Kong government’s Consumption Voucher Scheme, businesses striving for competitiveness have been aligning with their customers’ preferred payment methods, including PayMe. The Hong Kong Monetary Authority recorded a significant increase in the use of Stored Value Facility (SVF) accounts, indicating a growing reliance on digital payments. Adyen’s research further underscores the importance of offering diverse payment options, with 66% of Hong Kong shoppers indicating they would abandon their cart if unable to pay using their preferred method.

Brad Jones, Head of PayMe at HSBC, highlighted the strategic significance of the collaboration, saying, “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.”

Alongside PayMe, Adyen’s merchants in Hong Kong have access to a wide array of payment methods, including AlipayHK, American Express, Apple Pay, Google Pay, JCB, Mastercard, Samsung Pay, UnionPay, Visa, and WeChat Pay HK, enhancing the overall payment experience for both businesses and consumers in the region.