Hong Kong’s Hang Seng Bank and local mobile operator PCCW Mobile have struck a deal to work together in developing mobile payment services for the country.
The companies will be adopting the standard Single Wire Protocol (SWP)-SIM; which connects a mobile’s SIM card to the secure element required in payment storing applications. This will allow customers with NFC enabled handsets to insert SWP-SIM’s into their phones and perform contactless transactions without interruption.
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Still in its early stages, the bank is hoping that other businesses will join in the development of a mobile payments network across Hong Kong.
Ms Rose Lee, Vice-Chairman and Chief Executive, Hang Seng Bank said "Hang Seng is committed to investing in the latest technologies to provide customers with fast, convenient and secure access to financial services. Our mobile contactless NFC payment service will expand the range of payment channels in Hong Kong and place us among the leading cities as regards the use of advanced payment systems."
Hong Kong has seen a rapid expansion of mobile phone usage since the 1990s. The national census recorded a growth of 36% per year in the number of mobile phone subscribers between 1987-2006. Hang Seng clearly sense the opportunities that lie in the mobile payment market and have enlisted the help of several other businesses with experience in the field with MasterCard Worldwide, Gemalto and Samsung all being named as part of the project.
