Payment Methods

As I have recently read an article in the Economist: In Fintech, China show the way on 28 February 2017, talking about the way of making use of advanced technology, backward banks and oaring wealth to make China as a leader in fintech. Reading this article give me some insights on asking our guest for some questions regarding his Octo3 business.

This article mentioned some points as below:

Unlike many payment methods are in disaggregated form, in China all different payment functions have been combined onto single platforms, and adoption is well spread. For about 425m Chinese, or 65% of all mobile users, phones act as wallets, the world’s highest penetration rate, according to China’s ministry of industry and information technology. Mobile payments hit 38trn yuan ($5.5trn) last year, up from next to nothing five years earlier—and more than 50 times the size of the American market.

For example: Stripe or PayPal for online shops processing payments; Apple Pay or Android Pay for those using their phones as wallets; Facebook Messenger or Venmo for friends transferring money, there payment methods are inconvenience to customers.

1) The fintech payment method is not popular enough in Hong Kong nowadays comparing with that in China as over 65% citizens in China are now using the payment method under the innovation of fintech. So, what would be the strategy that you think that your company could let the fintech payment method to stand out in HK and attract people to use fintech payment methods?

As long as China is famous for integrating different payment functions into one single platform, do you have any insights on developing the payment Fintech products with multiple function in a new platform that is catering for HK market?

As there are many traditional way to handle the bank and other payment services, do you have any strategy to make your product stands out from the crowded as well as gaining customer loyalty?

Meanwhile, there are many existing competitors like Android pay and Apple pay which already provide fintech payment service to users. As a result, in what way would you company introduce the new function of your project (i.e. Dabo) so as to increase the sign up rate of cardholders to use this new technology service to pay for their consumptions by directly debiting from their saving accounts?