Futu Securities has learned that HSBC Holdings (00005)'s subsidiary electronic wallet PayMe announced that it will launch the first UnionPay virtual card, allowing 3.2 million Hong Kong users to make payments with PayMe worldwide, and will expand PayMe's merchant network to include 46 markets worldwide, including mainland China, and over 34 million merchants.

Starting on August 8th, after updating the PayMe app, users can make payments worldwide by scanning the UnionPay QR code displayed by merchants, or by showing the UnionPay QR code within the PayMe app. When users make payments in foreign currencies outside of the local currency, the amount will be calculated according to UnionPay's exchange rate and deducted directly from their PayMe wallet balance. This virtual card can also be used for online shopping at merchants that accept UnionPay.

PayMe users can activate the virtual card after completing identity or value-added authentication. Users can enjoy fee exemptions when using the card for consumption in mainland China, Hong Kong and Macau. They can also easily manage their virtual cards through the PayMe app, including locking, unlocking, and viewing their card information.

Ruby Ng, General Manager of Wealth Management and Personal Banking Business of HSBC Hong Kong, said that this cooperation with UnionPay is an important milestone for PayMe, enabling users to enjoy the same seamless payment experience as in Hong Kong when traveling in mainland China and overseas.

Min Shao, General Manager of UnionPay International Hong Kong, stated that UnionPay QR codes have advantages such as wide acceptance, security, reliability, and many discounts. The large and young user base of PayMe can further enhance the market recognition of UnionPay QR codes. To enhance the payment convenience of foreign visitors in mainland China, UnionPay recently launched the Splendid Action 2024 to help 3.2 million PayMe users quickly access UnionPay QR codes for acceptance at merchants in mainland China and around the world.