Hong Kong selects providers for digital vouchers scheme
Hong Kong has selected AlipayHK, Octopus, Tap & Go and WeChat Pay HK as e-payment providers for its HKD 5,000 digital voucher scheme.
The scheme is planned to be launched in summer 2021 to boost local spending and accelerate the city’s economic recovery.
As the government announced, providers would look to provide details of the system design as soon as possible so registration for the digital consumption vouchers could open during the summer holiday period.
The scheme will offer every adult Hong Kong resident HKD 5,000 in local spending vouchers, benefiting 7.2 million people. It will cost the government an estimated HKD 36 billion, of which HKD 600 million is for administrative expenses.
The operators currently cover a network of about 30,000 to 100,000 merchants in retail, food and drink, and service industries. They have agreed to waive their fees for processing payments incurred from the consumption vouchers to motivate more businesses to join the scheme.