HSBC in Hong Kong has opened its PayMe e-wallet to teens aged 16 and above.

Source: Fintech Futures 2020-05-19

The money transfer app will facilitate peer-to-peer (P2P) payments and offer expense management tools which can be monitored by parents.

The bank will offer a supplementary credit card and has also launched a children’s savings account which can be used by those as young as 11.

84% of HSBC’s pre-tax profits in 2019 came from Asia

Both the credit card and the bank account can fund the PayMe e-wallet, but teens can also top up their e-wallets via direct debits from 13 other Hong Kong banks.

The adult version of PayMe, which offered consumer accounts as early as 2017 and then last year launched business accounts, already has 1.9 million customers across Hong Kong, one of HSBC’s more lucrative markets.

The bank made a pre-tax profit of $12.1 billion in Hong Kong last year, making up 65% of its total pre-tax profits in Asia, which came to $18.6 billion.

With profits before tax for the entire bank coming to just $22.2 billion, a whopping 84% of HSBC’s pre-tax profits in 2019 came solely from Asia, highlighting the bank’s dependency on the market.

bank

PayMe

HSBC

credit card

HSBC in Hong Kong has opened its PayMe e-wallet to teens aged 16 and above.

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