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Gone are the days of carrying wads of cash and swiping credit cards as digital mobile wallets take over payment methods across Hong Kong. In a report by Hong Kong-based digital business solutions Tofugear, nine out of ten consumers in Hong Kong use digital wallets to shop and is the second most popular payment method used in the city. From Alipay to Apple Pay, we go through the perks and limitations of the most popular mobile wallets in Hong Kong to help guide you through the platforms worth relying on.&nbsp;

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Alipay 
A simple and easy-to-use digital wallet that supports top-up, money transfer and other payment functions for bills and in-store purchases via QR code scanning.
 
Pro:&nbsp;Accepted in over 70 countries outside of China, it does not require a credit card, though it does support it, and funds can be transferred to the account via FPS. 
Con: Unlike other digital wallets that automatically log itself out after several minutes of inactivity, this application remains logged on, posing a risk of losing sensitive financial information if ever the phone gets lost.
Payme 
It has a simple and straight-forward user interface that makes transactions online and in-store effortless by linking local credit cards or bank accounts to the mobile wallet. 
Pro: It is secured and backed by a major bank (HSBC) and supports P2P transfer and bill payment. 
Con: It cannot be used outside of Hong Kong and can sometimes be slow to process depending on the network connection.&nbsp;
WeChat Pay 
China’s most popular instant messaging app doubles as a mobile wallet that is widely used across the region. It utilises credit card binding to make online and bill payments, international money transfer, P2P transfer payment as well as in-store purchase via QR code.&nbsp; 
Pro: It makes travelling cash-free easy when in China as it is used almost everywhere in China and Hong Kong. 
Con: Although it can be used outside of China, it only supports Chinese and Hong Kong banks such as Dah Sing Bank, ICBC, Bank of China and China CITIC Bank.
O! ePay 
This mobile wallet makes topping-up an octopus card instant and hassle-free. Its extended feature also supports credit card and debit card binding for online purchase and P2P money transfers. 
Pro: Top-ups for octopus cards are instant and convenient and allows peer-to-peeer fund transfers. 
Con: It requires an HKID and local residential address to access FPS and instant bank transfer features.
Apple Pay&nbsp; 
It is possibly the quickest digital payment method on the list. It supports mobile Quick Pass (or contactless payment) at stores, restaurants and supermarkets, which lets users effortlessly tap their mobile phones on the payment terminal for transaction. 
Pro: Unlike Alipay and WeChat, users’ credit card and banking information are not stored on the app, instead the app uses the device’s mobile number to send a one-time passcode for each transaction, protecting the user’s information.&nbsp; 
Con: It is only compatible with Apple devices
Other popular mobile wallets accepted in Hong Kong are Google Pay, Union Pay, Samsung Pay and Tap N Go, though it is important to note that these wireless payment methods are all subject to the same risks that any data transmission via mobile network are subject to, such as fraud or the loss of financial information due to the loss of the device. Still, digital wallets are&nbsp; suggested to be safer alternatives to credit cards as they are locked with a pin and are heavily encrypted to protect the banking and credit card details of its owners unlike its plastic counterpart.

gafencu The five most popular digital wallets to use in Hong Kong

The five most popular digital wallets to use in Hong Kong

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The five most popular digital wallets to use in Hong Kong