The company would join forces with Mastercard and would issue the new payment option in the first quarter of 2019. Tying with the company’s e-wallet offering, O! ePay, the virtual card will require users to top it up with credit before it can be used for shopping online.
According to statements coming from Octopus Holdings, the new card would not require applicants to give any proof of income, providing an alternative for those who experience problems when applying for credit cards. In Hong Kong, the new offering will compete directly with Hong Kong Telecom’s mobile payment arm, Tap & Go, which is also a partner of Mastercard.
In addition, Octopus has incorporated O! ePay into one platform, Octopus App, which allows users to check spending records of their Octopus in the past three months. The app will also allow them to check their monthly public transport expenses under the government’s scheme to subsidise commuters’ transport fares. Commuters will be able to use the Octopus App to collect subsidies from the non-means tested scheme, which is due to be rolled out in January 2019.
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