Hong Kong virtual bank launches cross-border QR payment solution

Hong Kong’s lifestyle-driven virtual bank livi has launched livi QR Payment for the mainland Chinese market. The technology allows its customers to make cross-border payments in mainland China and other travel destinations such as Japan, South Korea and Thailand. 

The first cross-border QR payment solution launched by a Hong Kong virtual bank, livi QR Payment integrates with UnionPay’s payment and merchant network. It allows customers to pay securely at merchant outlets that display the UnionPay QR label using the livi app. 

“With the easing of border restrictions, our customers are keen on going to the mainland to visit their families and friends, conduct their business or go on an adventure. Livi QR Payment is simple, fast and seamless – customers can simply present or scan their QR code to complete the payment,” said livi Chief Product Officer Carol Hung.

“Livi QR Payment addresses customer concerns about handling fees and the trouble of managing cross-border payments on multiple platforms or e-wallets. We are delighted to introduce another secure payment experience together with UnionPay as we advance our payment offerings.”

Users of the app can:

· Activate mainland QR payment by: 

- Logging into the livi app and clicking “Pay”

- Selecting “Mainland China” at the top

- Tapping “Activate now” to enable “Outside Hong Kong QR Payment”

- Tapping “Confirm”. 

Once on the mainland, they can click ‘Pay’ in the livi app, and the Mainland QR code will automatically be presented for payment.

· All spending with livi QR Payment is settled in Hong Kong dollars at UnionPay’s exchange rates, with no handling fee incurred and no charge on currency exchange.

· Users can set a valid period for using the service, and can turn it off at any time.

· All transactions can be tracked, and customers will receive instant notifications.

· Customers can enjoy ‘shake shake’ rewards after paying with livi QR Payment - shaking the phone triggers the reward.

From now until 31 March 2023, livi customers who pay via livi QR payment will be entitled to shake and earn up to 100% Shake Shake Rewards. Rewards can be redeemed on the next purchase, and customers can enjoy rewards up to HK$500 per calendar month.

The future of banking may include screenless ATMs driven by mobile apps

EyeLock, a provider of iris-based identity authentication solutions, and Diebold, a global provider self-service technology, software and services, have teamed up on a screenless, self-service ATM concept  that is more compact than traditional ATMs. A prototype called Irving is currently being tested by Citibank in the US.

The design of the new concept ATM does not have a PIN pad, card reader, or screen. Instead, all transactions take place via a mobile app on the user's smartphone. In addition to near field communication (NFC) and quick response (QR) code technology, the new system uses iris scanning from EyeLock to identify the customer once at the ATM.

"EyeLock believes that the age of carrying plastic cards and remembering passwords is just about over and the era of unfettered personal access through biometric technology is just beginning," said Anthony Antolino, Chief Marketing and Business Development Officer for EyeLock. "For banking and other applications, EyeLock's iris identity authentication solutions are not only highly secure, but very easy to use."

According to Frank Natoli, Executive Vice President of Self-Service Technology at Diebold, customers sign into their banking app on their phone or tablet and determine how much money they want to take out. Once the withdrawal is input, they then go to any EyeLock-equipped ATM on the network to complete the transaction. They would simply approach the machine, which identifies them through NFC, scans the iris of his or her eye to quickly verify identity, and the ATM dispenses the correct amount of cash. The whole process takes less than half the time of a typical ATM transaction today - with Irving, cash withdrawals can be completed in less than ten seconds.

"While digital channels are evolving, cash will continue to play an important role in consumer transactions," Natoli said. "That's where Diebold comes into play – to bridge the digital and physical worlds of cash in unprecedented ways through cardless transactions, mobile integration and faster, more convenient access. The Irving concept embodies a new era of banking and puts the user experience at the top of the pyramid to connect consumers with their money when and how they see fit." 

Citibank is in the early stages of testing the high tech ATM and plans to roll it out are still to be determined. "At Citi, we are always looking for innovations that simplify and enhance the banking experience," said CitiFinTech CEO Heather Cox.

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