Having an efficient payment system can provide your customers with a smooth membership experience, especially for the fast-growing small fitness studios. By enabling an easy payment process, you can focus your time on broader business goals and strategies. In a highly competitive industry like fitness, you can't fall behind in processes such as payment. This article will introduce different digital payment methods that are commonly used in Hong Kong.
1. FPS
Before introducing the digital wallet, you must understand FPS. Faster Payment System (FPS) is a fast payment system implemented by the Hong Kong Monetary Authority (HKMA). It uses a unified platform to electronically perform real-time settlement.
Traditional fund transfer requires the recipient’s bank account, but FPS only requires the phone number, email address or recipient’s QR codes to complete any payment transfer. Users need to download any personal e-banking mobile app or any app that participates in the “FPS” stored-value payment tool to make transfers and payments. All the following digital wallets are connected to ‘FPS’.
2. AlipayHK
The AlipayHK electronic wallet is operated by Alipay Financial Services (HK) Limited and regulated by the Hong Kong Monetary Authority. Over 100,000 local retail outlets currently support the AlipayHK electronic wallet for payment, supermarkets, restaurants, and others, including transportation, cross-border payment, Taobao and TMall payments, etc.
PROS:
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First leading digital wallet available in MTR
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One-stop bill payment platform (such as water charges, tax bills, rates, etc.)
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Multiple flexible remittance methods
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Numerous coupons and rewards (E-stamps reward, P2P reward, etc.)
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Multiple Top-up methods
CONS:
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No Automatic Add Value Service
3. PayMe for Business
PayMe is a mobile payment service from The Hongkong and Shanghai Banking Corporation Limited (HSBC), with more than 2 million users in Hong Kong. It is currently available only for Hong Kong users with local phone numbers and banks. Users can pay businesses, transfer money to one another using a mobile account.
Pros:
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Collect payments from PayMe users via PayCodes or PayLinks
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Connect to over 20 million PayMe customers
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Easy to use
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Peace of mind with 24/7 bank-grade security from HSBC
Cons:
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1.2% standard fee per PayMe for Business app transaction
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Requires an HSBC business account
4. Tap & Go
Tap & Go is Hong Kong's first mobile wallet to incorporate both Mastercard® and UnionPay card schemes which support online payments and around the globe. The Tap & Go wallet can be downloaded and activated on smartphones, or you can buy a physical card at convenience stores like Circlek and 7-eleven.
Pros:
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The Prepaid mode can be used to take charge of your spending
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Ages 11 or above, can activate Tap & Go wallet
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With the dashboard function
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Remittances around the world
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easy to apply (mobile number)
Cons:
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Limited promotions
Having an effective payment system helps you scale your fitness tribe, that's why vibefam takes payments seriously. We integrate with global payment providers to securely process payments for all your membership packages, allow you the flexibility to accept alternative modes of payments. Schedule a personalized product demo with us today to find out how we could support your boutique fitness business.
This article was written by Annissa Lee Nga Yin.