ATM operator Joint Electronic Teller Services Limited (JETCO) has teamed up with 12 banks to offer a peer-to-peer (P2P) fund transfer service for Hong Kong customers.
The JETCO Pay P2P service will enable customers of the participating banks to transfer funds to anyone in Hong Kong with a bank account through a smartphone app.
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The company intends to first launch the Pay P2P Service in Hong Kong in the second quarter of 2016.
The 12 banks on the P2P platform include Bank of China (Hong Kong), Bank of Communications, Bank of East Asia, China CITIC Bank International, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank, OCBC Wing Han Bank, Shanghai Commercial Bank, Standard Chartered Bank and Wing Lung Bank.
The new service will require only the recipient’s mobile number and can be directly linked to a consumer’s bank account.
It also features bank grade security measures such as end-to-end encryption and a dynamic pin pad to offer a high standard of protection to users.
JETCO CEO Angus Choi said: "As a bank consortium, JETCO is able to offer an interbank P2P platform that can be shared by our member banks, helping them lower investment costs while giving them access to our sophisticated and proven technology built on JETCO’s existing ATM infrastructure. This will help our member banks launch their P2P services more quickly.
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By GlobalData"We will continue to work closely with our member banks and the industry to raise awareness of the use and benefits of P2P fund transfer among consumers. In the medium to long term, we are looking to develop our P2M (person to merchants) and bill payment services as part of our mobile payment offerings," Choi added.
