HKT, 33 Finance and HNA Transforex each inked multi-year agreements with First Data to enable mobile payment services, prepaid transaction card systems and issuing and processing services, respectively.
The agreements are part of First Data’s transformation strategy to expand beyond traditional payment service offerings to provide next generation payment capabilities to companies of all sizes.
With today’s announcement, First Data provides HKT, Hong Kong’s largest telecommunications company, with the ability to link prepaid and loyalty accounts to each of their customers’ SIM cards. This enables HKT customers to pay for goods and services and redeem points on their NFC-enabled mobile phones via a mobile wallet called Tap & Go.
Ease of payments will factor increasingly into the rapidly growing China outbound tourism market which in 2014 was estimated to have totaled 116 million tourists with an associated US$155 billion in travel spending. As a result of this projected growth, more businesses are looking to provide outbound tourists with improved transaction conveniences and customer experiences.
33 Financial Services, the financial arm of railway media provider China 33 Media Group Limited, is one such forward-looking business and with First Data expertise, is offering a prepaid transaction card system. Targeted to students and tourists traveling from mainland China to Hong Kong, the system allows for convenient and fast overseas transactions in Hong Kong.
In addition to these payment capabilities, HNA Tourism, the travel and payments arm of multi-business conglomerate HNA Group, is also expanding payment service offerings by providing outbound tourists from China with safe and convenient electronic traveller’s cheques.
As part of today’s agreement, First Data is implementing issuing and processing services for HNA Transforex, HNA Tourism’s money exchange and traveler cheque subsidiary. HNA Transforex expects to issue 500,000 to 700,000 electronic traveller’s cheques in the first year, with a goal of increasing issuance rates by 15 per cent year-on-year for the next three years.
Today’s three strategic agreements serve as a foundation for continued expansion in China and Hong Kong by First Data and will enable global clients to improve their customer experiences, address individual market needs and reduce operational costs.
For data, background and forecasts on First Data: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).