Hong Kong — October 9, 2024 — Checkout.com, a leading digital payments provider, today announced a strategic partnership with Octopus, Hong Kong’s first homegrown global fintech, to enable online payment for customers of Hong Kong’s leading payment choice – becoming the first global payment service provider (PSP) to add Octopus as a payment option at check-out.
Octopus, the dominant payment experience in Hong Kong, boasts an impressive 98% penetration among the city's 7.5 million residents. Initially introduced as the world’s first contactless card for multimodal transportation in 1997, Octopus has evolved into a versatile payment system, now widely used for retail, shopping, and food and beverage transactions at home and abroad.
In a strategic move to stay competitive in a market where digital-first payments are increasingly expected, Octopus has been driving the shift toward digital payments in Hong Kong. Since launching its mobile app in 2012, there are now more than 4.5 million Octopus wallets. With its ecosystem partners, the company continues to drive mobile payment adoption in Hong Kong, as well as expansion of interoperable payments in Mainland China and overseas. Through this integration, Checkout.com empowers merchants targeting Hong Kong residents to offer a seamless, tech-forward payment experience that meets the evolving expectations of consumers.
The collaboration will make Octopus more accessible to merchants seeking a secure, efficient digital checkout experience, while also enhancing merchants’ payment performance. Checkout.com’s offering includes the integration of Octopus’s online payment solutions through Octopus mobile app.
Brian Sze, General Manager, APAC at Checkout.com, said: "Catering to local payment preferences is crucial for success in the Hong Kong market. Our strategic partnership with Octopus underscores Checkout.com’s commitment to investing in our Asia footprint, delivering localized payment solutions that empower merchants to thrive in this dynamic region.”
Edwin Lai, Head of Business Development and International Business at Octopus, said: "At Octopus, we pride ourselves for making everyday life easier. This partnership with Checkout.com will enhance and broaden the payment experience not just for our customers, but also merchants within Hong Kong and beyond. We anticipate robust demand from global and local businesses eager to access Hong Kong’s consumers. We hope this collaboration will help support the growth of the city’s digital commerce.”
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