In the current digital era, the number of people opting for cashless transactions increases especially during the pandemic to reduce the risk of virus transmission. Electronic payments through credit cards and QR code payments have become more frequent. According to the statistics1 provided by the Hong Kong Monetary Authority, the total transaction volume of stored value payment instruments in the second quarter of 2023 was approximately HKD 2 billion. This represents an annual increase of 11.1%. For credit cards2, the total transaction volume reached HKD 254.12 million, which shows an annual increase of 16.7%. What are the benefits of accepting electronic payments from a merchant’s perspective?
Fast and Efficient
When customers use electronic payments, both merchant and customer can save time by eliminating the need to count physical banknotes. This speeds up the checkout process. In addition, by reducing the need for cash handling, merchants can save labour costs associated with counting money and time spent on depositing cash at the bank. It also reduces the risk of loss due to theft or receiving counterfeit notes.
Cross-Border Accessibility
After the pandemic, global interactions have gradually resumed. Electronic payments break through geographical barriers, which allow merchants not only to accept credit cards and e-wallets from local customers, but also to easily receive payments from customers around the world without the need to handle currency exchange and conversion issues, thereby expanding their customer base. Currently, an all-in-one payment terminal enables merchants to accept both Hong Kong and Mainland China’s Alipay and WeChat Pay, as well as credit cards. This particularly benefits merchants targeting customers from mainland China and around the world.
Effective Financial Management
Comparing to cash transactions, electronic payments can provide real-time and detailed transaction records for merchants. This facilitates the centralised processing of transaction data, comprehensive analysis of business performance, and timely formulation of business strategies. With QFPay HK’s merchant portal, merchants can access transaction records in one place. They can also enquire transactions by different payment tools, such as Visa, Mastercard, Alipay, WeChat Pay, PayMe, etc., to understand the usage and trend of different payment methods.
Electronic payments have become an integral part of modern society with increasing applications in various industries. Merchants can conveniently facilitate payment for consumers and enhance their willingness to buy while streamlining their management processes. We can anticipate that electronic payments will continue to evolve and play an even more significant role in the future.
QFPay HK offers a comprehensive payment solution that allows you to accept payments from multiple electronic payment tools with a single device. You can accept payments from Visa, Mastercard, UnionPay, QuickPass, Alipay, WeChat Pay, PayMe, Tap & Go, BoC Pay, FPS, Apple Pay, Google Pay, and Samsung Pay. Please feel free to contact us for inquiries and applications!
1 Hong Kong Monetary Authority, Statistics of Stored Value Facilities (SVF) Schemes Issued by SVF Licensees, 15 September 2023 (https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/09/20230915-4/)
2 Hong Kong Monetary Authority, Statistics of Payment Cards Issued in Hong Kong for Second Quarter 2023, 15 September 2023 (https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/09/20230915-3/)
