A company called Joint Electronic Teller Services Ltd., or Jetco, in Hong Kong has brought together eight banks to deploy a QR code-based mobile payments app consumers can use to make purchases in-store and online, according to a press release.

Consumers can make in-store purchases with the bank Jetco Pay app by scanning the merchant's paper or electronic QR code. The latter is generated in the Jetco Pay Cashier app provided to the merchant free of charge, according to the release.

The in-app and online payment options enable consumers to checkout with Jetco Pay when they make purchases on the merchant's app or website. Users need their mobile number to confirm purchases.

Consumers can now use Jetco Pay merchant payment's in-app feature to pay for parking through the Park & Dine app offered by Link Asset Management Ltd. The coming months will see the service rolling out across Hong Kong in the food and beverage sector, property management groups, entertainment venues and schools, according to the release.

"There is a large cash and check market in Hong Kong that is untapped," Jetco Chief Executive Officer Angus Choi said in the release. "Jetco Pay Merchant Payment service aims to serve this market segment by providing a mobile payment solution that is low-cost and easy to set up."