Bank of East Asia will add contactless mobile payments in 1Q
The Bank of East Asia will roll out a contactless mobile payments service next year.
The i-Pay service for the bank's credit card holders uses near field communication technology and requires users to plug a device into a mobile device and open the BEA app. They can then tap to pay at any merchant that accepts MasterCard's PayPass.
The device is compatible with all Android and iOS phones and all mobile networks, the bank said. The i-Pay service is PIN-protected and lets customers keep track of their spending using their mobile, with details of the latest 10 transactions available via the BEA App.
"BEA is the first bank in Hong Kong to provide a mobile payment service that does not restrict customers to a particular type of smartphone or network," Vincent Hui, general manager and head of the personal banking division for BEA, said in a news release.
Learn more about contactless/NFC.