Press Release 9 July 2024
Octopus Introduces a Series of Measures to Help MSMEs
New Business Offerings to Roll Out From 1 August
Plus Further Opening Up Payment Network by Year-End
(Hong Kong, 9 July 2024) Octopus Cards Limited (Octopus) announced a series of new measures today to assist micro and small business owners in easing cost pressure, expanding their customer base, and enhancing their competitiveness.
Starting from 1 August, Octopus will permanently waive “Bank Account Fund Transfer Fees (service fees)” for the first $10,000 in transactions for all micro, small and medium-sized enterprises (MSMEs) using the Octopus App for Business in Hong Kong. It will also further open up its payment network to other payment means, bringing new revenue sources to merchants and greater convenience to customers.
Octopus is committed to actively promoting the adoption of electronic payments among MSMEs in Hong Kong. The company has provided its Octopus App for Business accounts for free to more than 46,000 retail and catering merchants, spending over $12 million by providing free Octopus Mobile POS to participating merchants.
To date, Octopus has processed over 200 million transactions without charging any “Bank Account Fund Transfer Fees (service fees)” to MSME, on top of an all-in-one Octopus payment solution with zero setup cost.
The new $10,000 transaction waiver will benefit all Octopus App for Business merchants. Currently, over 80% of Octopus App for Business merchants have a monthly transaction volume of $10,000 or less. Under the new measure, most of these MSMEs can enjoy a full exemption of “Bank Account Fund Transfer Fees (service fees)”.
In addition to the permanent waiver, which aims to ease operating costs, new business owners who sign up for Octopus App for Business will continue to enjoy free Bank Account Fund Transfer Fees on all transfers for the first six months and a free Octopus Mobile POS.
A new way of fund transfer is being developed to enable small business sole proprietors to transfer their business income free of charge to Octopus card, helping merchants with greater flexibility and further lowering their operating costs.
Octopus will also open up its Octopus App for Business payment network to other payment platforms, providing merchants with new revenue sources and expanded acceptance options. Additionally, Octopus will enhance the card reading function of Octopus App for Business, delivering a more user-friendly interface while enabling faster payments for merchants.
Rita Li, Octopus’s Sales and Marketing Director, said: “Micro and small businesses are the backbone of Hong Kong’s economy. This series of new measures demonstrate our commitment to empowering business owners, helping them stay competitive and resilient in the rapidly evolving market.”
- Ends -