NFC TIMES Exclusive Insight – Hong Kong ATM and interbank group JETCO is the latest provider to launch a QR code-based payments service for in-store transactions in Asia, with payments coming out of the consumers’ bank accounts. But the group has few if any merchants live yet.
The banking group also is expanding its “JETCO Pay” mobile payments service by enabling consumers to make in-app and web-based purchases by entering their phone numbers. JETCO Pay originally launched as a P2P funds-transfer service in 2016.
The banking group, which had invested heavily in a little-used trusted service management platform for NFC payments a few years ago, is going after small shops and restaurants that only accept cash and perhaps checks with its new QR code-based service. It is following mainland Chinese wallets Alipay and WeChat Pay, as well as payments and fare-collection company Octopus in offering QR codes-based payments at brick-and-mortar stores in Hong Kong.