HSBC’s PayMe goes global with access to 34 million merchants in 46 markets on UnionPay

Hong Kong’s biggest commercial bank HSBC is expanding its PayMe digital payment platform for transactions worldwide by riding on the global network of the dominant Chinese merchant UnionPay.

Starting from Thursday, PayMe’s 3.2 million users in Hong Kong will be able to create a virtual UnionPay card within the app with some simple verifications, the bank said in a statement. The virtual card will grant users access to more than 34 million merchants in 46 markets, including the mainland, the US, Japan and Australia, it added.

The app users can then make in-store payments globally by scanning the UnionPay QR code displayed at merchants, or by showing their UnionPay QR code on the PayMe app, the bank said. They can also shop online with merchants that accept UnionPay, it added.

“The partnership with UnionPay marks a significant milestone for PayMe, allowing our users to enjoy a seamless payment experience during mainland China and overseas travel – the same level of service convenience as in Hong Kong,” said Maggie Ng, general manager and head of wealth and personal banking of HSBC Hong Kong.

The bank added that its PayMe customers can enjoy a waiver on transaction fees for spending in mainland China, Hong Kong and Macau.

The versatility of PayMe with UnionPay is another milestone in efforts by regulators in Hong Kong and mainland China to make it easier for foreigners to access both markets. The State Council in March pledged to support digital payment channels and remove hurdles to transactions.

“We are very encouraged by our partnership with PayMe, one of the largest e-wallets in Hong Kong,” said Michelle Shao, general manager of UnionPay International in Hong Kong. “UnionPay QR code has the advantages of wide acceptance, safety and reliability.”