Which Industries Should Use Electronic Payments? Is Your Industry Included?

In the past, cash was the primary method of payment for consumers. However, with advances in technology and the widespread use of credit cards, electronic payment has become a popular alternative. This not only reduced the inconvenience of carrying large amounts of cash but also allowed consumers to earn credit card rewards points. Nowadays, electronic payments are widely used by consumers for various types of purchase. So, which industries should adopt electronic payment?

The Rise of QR Code Payment
R ising Trends in Daily Consumption Transactions

The Rise of QR Code Payment

Accepting credit card payment often involves transaction fees. Before electronic payment became popular, only a limited number of merchants offered credit card payment options to consumers, mainly high-end establishments such as luxury brands and upscale restaurants that dealt with larger transaction amounts. However, QR code payment have become popular in Hong Kong in recent years. This payment have lower transaction fees compared to credit card payment. As a result, more and more people are adopting electronic payment even for low-value transactions. Therefore, businesses in various industries have started to install payment tools to meet the needs of consumers.

Rising Trends in Daily Consumption Transactions

According to data from QFPay HK, the number of transactions in the luxury and fashion brands decreased during the pandemic period. However, transactions in the F&B and FMCG industries continued to grow, with an increase of over 20%. Additionally, with the incentive of the Consumption Voucher Scheme in recent years, the percentage of citizens using electronic payment has also increased from 49.4% in 2020 to 60.2% in 2022. Many businesses in the FMCG industry are seizing the opportunity to capture consumers’ purchasing power, leading to a steady increase in the number of businesses accepting electronic payment.

Whether you are in the service industry, food and beverage or retail industries, and whether you operate an online shop or a physical store, electronic payment has become a prevailing trend and an indispensable payment method.

QFPay HK provides comprehensive support for payment tools such as Visa, Mastercard, UnionPay, QuickPass, Alipay, WeChat Pay, PayMe, Tap & Go, BoC Pay, FPS, Apple Pay, Google Pay and Samsung Pay. We also offer payment solutions suitable for different industries and contexts. For example, there are all-in-one F&B delivery and payment solutions, as well as in-app and H5 payment solutions suitable for the retail industry, and more.

Industries	Solutions	Advantages
F&B	All-in-one F&B delivery and payment solutions	Create an all-in-one system that encompasses ordering, meal preparation, inventory management, and payment processing.
Retail	POS machine	Accept up to 15 different payment tools in a single system.
Retail	QR code sticker	Ideal for merchants with limited store space, such as wet market merchants, eliminating the need for a POS machine. Customers can simply scan the merchant’s QR code to make payments.
Online store	Checkout page	Support various website platforms with easy installation of default plug-in. Mobile devices can directly redirect to the relevant payment tools for seamless transactions.