Octopus Expands its Reach with New Payment Solutions in Mainland China and Southeast Asia

Expanding the Octopus Payment Ecosystem

About 50,000 new Octopus cards allowing Hongkongers to pay for public transport in 336 cities across mainland China have been sold since March, with the company planning to broaden its reach to more overseas markets. The company on Monday revealed the latest figures for the card, which costs HK$68 and allows holders to pay for trips on buses, trains and ferries carrying the China T-Union logo.

High Demand in Major Cities

Octopus Holdings chairwoman Jenny Yeung Mei-chun said the “Octopus – China T-Union Card” was most used in Shenzhen, followed by Guangzhou, Shanghai, and Hangzhou. “The coverage is quite intriguing, reaching north to Harbin, east to Ningbo, south to Sanya, and west to Xinjiang, where people are using this nationwide Octopus card,” Yeung said.

Convenient Currency Handling

The dual-currency card housed within a single e-wallet enables users to top up their balance in Hong Kong dollars and obtain converted funds in yuan at the current exchange rate at their last top-ups for transactions on the mainland. “We will actively explore collaborations with payment platforms in different countries and regions in the future, aiming to integrate Octopus services into every journey of our customers,” Yeung stated.

International Transactions and Growth

Octopus App users can currently make transactions in Thailand and South Korea in conjunction with designated payment platforms in the two countries. Yeung shared that Thai merchants accepting payments via Octopus App logged a 50 percent surge in transactions during the July 15 to August 15 period compared with a month earlier, highlighting the card's growing footprint. Apart from retail and dining, some Hongkongers used the Octopus App service in Thailand for paying for experiences such as kart racing, making donations at temples, or for hospital charges.

Innovative Technology for Tomorrow

On the technology front, the company plans to roll out a new card reader next year that enables merchants to provide promotions, instant discounts, or rewards like a free coffee when customers pay with Octopus. Merchants can also customize the signature “beep” sound to other notification tones, enriching the shopping experience for users.

“To take our growth to the next stage we want to open our technology. We want to work with both private and public sectors in Hong Kong, the mainland and overseas to enable not just tap to pay, but tap to everything and scan to anywhere,” said CEO Tim Ying Tien-chi.