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HSBC partner for Hong Kong NFC wallet initiative

Global banking group HSBC is to launch an NFC wallet with four Hong Kong-based mobile

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HSBC partner for Hong Kong NFC wallet initiative

carriers in 2014, according to The Standard. Those carriers are HKT, CSL, SmarTone Telecommunications Holdings and China Mobile Hong Kong.

The wallets will enable HSBC customers to store their HSBC-issued credit cards on Android-based NFC-capable smartphones issued by the mobile operators.

According to The Standard, the maximum amount per NFC transaction can be set at either HK$500 ($65) or HK$1,000 ($129).

HKT said in a press release that it will use Single Wire Protocol SIM cards for the secure storage of payment applications and credit cards on its customers’ NFC-enabled mobile phones. The SWP-SIM cards deployed by HKT can store different credit cards issued by multiple partner banks, including HSBC, HKT said.

Starting in early 2014, customers will be able to download the HSBC mobile banking app to their NFC-enabled smartphones. They will then be able to make payments from their HSBC credit cards by tapping their phones against NFC readers. Details of the applicable cards will be announced after the service has been launched, HKT said.

“Our partnership with HSBC will enable customers who use credit cards of various issuers to enjoy the convenience of secure mobile payments with more participating retail outlets,” Alex Arena, HKT’s group managing director, said in a statement.

HKT is a subsidiary of Hong Kong-based media, property and investment company PCCW.

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