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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Hang Seng Bank launches all-in-one payment collection service for merchants

Merchants may soon accept several payment methods through one integrated point-of-sale terminal.

Hang Seng Bank has launched an all-in-one payment collection service called Hang Seng One Collect at over 700 merchant outlets which will enable stores to accept a wide range of contactless and QR code payment methods through one integrated point-of-sale (POS) terminal. 

Also read: Cash is still king in Hong Kong as only a fifth embrace e-payments

Through Hang Seng One Collect, retail merchants can accept payments via Apple Pay, Samsung Pay and Google Pay, the Hong Kong and mainland China digital wallets of WeChat Pay and Alipay, Visa, MasterCard, UnionPay and JCB, according to a media release.

The terminals also support payments involving the redemption of Hang Seng Cash Dollars using both physical Hang Seng credit cards as well as NFC mobile payments. The POS terminal allows for various forms of connectivity, including 4G and WiFi networks, enabling merchants to receive payments wirelessly.

Bank of East Asia (BEA) earlier unveiled a similar platform in August that also does away with the need to set up separate devices in order to process different transactions.

“With the rapid development of payment technologies in Hong Kong, the launch of Hang Seng One Collect will enable our merchant customers to manage a diverse range of payment options in a more efficient manner. This new service solution is also part of ongoing efforts to strengthen our payment and cash management capabilities,” Donald Lam, head of commercial banking at Hang Seng said in a statement.

The new service will be progressively rolled out to several thousand outlets in 2019. 

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