The launch reflects the increasing shift towards digital payments which has been accelerated by the onset of the COVID-19 pandemic.
HSBC will provide merchants with a PoS (Point of Sale) device which comes with an in-built PayNow QR function that is ready for immediate use. Customers need only scan the unique PayNow QR code generated by the PoS device using their mobile banking application, to review and authorise transactions. This solution is different from other commonly available digital solutions as merchants will not need to have a separate physical PoS device or tablet to specifically use the PayNow QR function and/or credit cards, therefore saving cost, complexity and time.
Lorna Whiston Schools, which offers both enrichment and preschool education, has recently adopted this new payment solution at its enrichment centres.
“The new PoS device is easy to use and did not require any technical implemention. We simply received the PoS device and we were good to go. The ability to now accept PayNow payments also makes it more convenient for our busy parents as it allows them to scan and pay directly from their bank account, without a need for manual key-ins or cash exchange,” says Kym Tan, Head of Administration at Lorna Whiston Schools.
Mr David Koh, Head of Global Liquidity and Cash Management, HSBC Singapore said: “The pandemic has required all companies and individuals to rethink and transition from manual to electronic processes. This solution supports the merchants’ response to a significant change in consumer behaviour, and in a way that saves time, removes complexity and reduces costs.”
The new solution is part of HSBC Omni Collect, a one-stop collections solution that allows brick-and-mortar stores, kiosks and e-Commerce sites to accept multiple payment types, across Asia.
“We continue to invest in digitising and simplifying our processes, enabling us to revolutionise payments and make banking simpler and better for customers, especially during these challenging times when technology and digitisation is more important than ever,” said Kee Joo Wong, Regional Head of Global Liquidity and Cash Management, Asia Pacific, HSBC.
Over two thousand clients across Asia are currently using Omni Collect. Online transactions have tripled since January, with the value of these transactions increasing five-fold over the same period.
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HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 65 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,728bn at 30 September 2019, HSBC is one of the world’s largest banking and financial services organisations.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group, which serves its customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. HSBC serves customers worldwide from offices in 65 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,728bn at 30 September 2019, HSBC is one of the world’s largest banking and financial services organisations.