HSBC in Hong Kong to Launch NFC Mobile Wallets

HSBC-Hong-Kong-NFC-mobile-wallet-rfid-blogHSBC is going to launch NFC-based mobile wallets in 2014 with four Hong Kong-based mobile carriers — HKT, CSL, SmarTone Telecommunications Holdings and China Mobile Hong Kong.

The wallets will enable HSBC customers to store their HSBC-issued credit cards on Android-based NFC-capable smartphones issued by the mobile operators. The maximum amount per NFC transaction can be set at either HK$500 ($65) or HK$1,000 ($129).

HKT said in a press release that it will use Single Wire Protocol SIM cards for the secure storage of payment applications and credit cards on its customers’ NFC-enabled mobile phones. The SIM cards can store different credit cards issued by multiple partner banks, including HSBC, HKT said.

Starting in early 2014, customers will be able to download the HSBC mobile banking app to their NFC-enabled smartphones. They will then be able to make payments from their HSBC credit cards by tapping their phones against NFC readers. Details of the applicable cards will be announced after the service has been launched, HKT said.