Latest news with #InternetBankingPaymentSystem
RTHK
4 days ago
- Business
- RTHK
'Expand the use of Payment Connect'
'Expand the use of Payment Connect' Johnny Ng has proposed a dedicated channel under the Payment Connect system for property transactions involving mainland talent in Hong Kong. Photo: RTHK Lawmaker Johnny Ng said he believes that the newly-launched Payment Connect system could gradually be expanded to cover more commercial activities in future, such as transactions of e-commerce, properties, or even digital yuan and stable coins. Operations have been smooth for the cross-border payment service, which links the city's Faster Payment System (FPS) and the mainland's Internet Banking Payment System (IBPS), since its launch on Sunday. Speaking on RTHK's "In the Chamber" programme, Ng believes the current quota set for cross-border transactions is sufficient to meet people's needs. But he also called on authorities to explore other potential use, such as property transactions for top mainland talent in the SAR. "For example, can we develop a closed-loop system for the safe arrival of mainland funds in Hong Kong, that can also help track the asset [flows], and see if it can also be used for sending the proceeds from the sale of local properties back to the mainland?" he said. "I think such a dedicated channel could be established under the cross-border Payment Connect." Ng suggested the system could also cover cross-border e-commerce activities. "Now many Hongkongers are buying products from the mainland through the e-commerce platforms, while mainland consumers are also purchasing products from overseas. "So can we achieve the better integration of payment, customs declaration and logistics on cross-border e-commerce? I think the Payment Connect definitely has the potential to help with such application scenarios," he added, noting the ideas were also discussed during the annual "Two Sessions" meetings among SAR delegates earlier this year. Ng, who is a member of the Chinese People's Political Consultative Conference, added that Payment Connect can also be used for transactions of digital yuan and even stable coins, which is one of the industries the city is seeking to promote.
RTHK
7 days ago
- Business
- RTHK
'New Payment Connect service is fast and convenient'
'New Payment Connect service is fast and convenient' The Monetary Authority said Payment Connect had a smooth start on Sunday. File photo: RTHK Finance sector lawmaker Ronick Chan on Sunday said a new cross-border electronic payment service is convenient for both Hong Kong and mainland people. His comment came as the Payment Connect had a smooth start, with thousands of payments made on the first day of operation. There were 2,000 northbound transactions and 7,400 southbound payments made as of noon on Sunday, according to the Monetary Authority. The new service links up Hong Kong's Faster Payment System with the mainland's Internet Banking Payment System, allowing FPS users to transfer up to HK$10,000 a day per account to the mainland, with an annual cap set at HK$200,000. Speaking to RTHK, Chan said the new system has proven to be a quick and easy money transfer mechanism. He said in the past, remittances had to be handled by banks during office hours and the process took one to two days to be completed. 'Right now, it takes just a few seconds' time to complete the whole transaction. I think it really offers members of the public in both the mainland and Hong Kong a very convenient way of completing their money transfer,' he said. Chan also said the current limit for transactions is sufficient for users, adding that people can transfer money via different bank accounts if necessary.
Yahoo
09-06-2025
- Business
- Yahoo
Asia-Pacific A2P Messaging Market Forecast Report 2025-2033, with Profiles of Tata Communications, Twilio, Sinch, AT&T, Genesys, 8X8, China Mobile and Corteva Agriscience
Enhanced mobile penetration, booming e-commerce, and demand for real-time engagement drive this growth across banking, retail, and healthcare sectors. A2P messaging, used for OTPs, reminders, and promotions, sees high adoption in India, China, and Southeast Asia. Growth is fueled by smartphone penetration, e-commerce expansion, and enterprise adoption, despite challenges from OTT apps and regulatory variations. Key players include Tata Communications, Twilio Inc., and Sinch AB. Asia-Pacific A2P Messaging Market Dublin, June 09, 2025 (GLOBE NEWSWIRE) -- The "Asia-Pacific A2P Messaging Market Share Analysis and Size - Growth Trends and Forecast Report 2025-2033" report has been added to Asia-Pacific A2P (Application-to-Person) Messaging Market hit USD 24.73 billion in 2024 and will grow to USD 39.13 billion during the forecast period from 2025 to 2033 with a CAGR of 5.23%. The market is fueled by enhanced mobile phone penetration, increasing e-commerce transactions, and enhanced requirements for real-time customer engagement within industries like banking, retail, and healthcare. Drivers of Growth in the Asia-Pacific A2P Messaging Market Fast Smartphone and Internet PenetrationThe growth in mobile device usage in emerging economies such as India, Indonesia, and the Philippines is driving the need for A2P messaging. As internet and smartphone penetration grows, companies are leveraging SMS as a trustworthy medium for communicating with users in real-time. The expansion of digital access is driving industries such as banking, retail, and healthcare to embrace A2P for alerting, OTPs, and promotions. The mobile sector's contribution to Asia-Pacific's economy will increase over $1 trillion by 2030, with more rapid uptake of 5G technologies in the region translating into it outpacing average global growth rates, the GSMA's Mobile Economy Asia-Pacific 2024 report of E-commerce and Fintech IndustriesThe fast growth of online shopping platforms and digital payment systems in Asia-Pacific has driven high demand for A2P messaging. These industries are highly dependent on automated SMS for transaction reminders, authentication codes, and delivery notifications. This trend is especially prevalent in nations such as China and India, where consumers increasingly demand real-time mobile communication from digital services. UPI in India is the most used payments system in the world, with more than 89 billion transactions in 2022. China's Internet Banking Payment System (IBPS) ranks second, with more than 17 billion transactions in and Enterprise AdoptionAsian Pacific governments and enterprises are adopting A2P messaging to improve citizen services and simplify internal communications. Public health notifications, emergency alerts, and reminders for utility bills are commonly sent over A2P platforms. Enterprise applications for customer care, workforce notifications, and B2C messaging are also fueling market growth, particularly in Japan, South Korea, and Singapore. March 2025, Singapore telecommunications solutions company Globe Teleservices (GTS) signed three-year exclusive contract to implement its sophisticated A2P SMS firewall solutions for Malaysian cellular operator in the Asia-Pacific A2P Messaging Market Threat from Over-The-Top (OTT) Messaging AppsIncreasing adoption of freemium messenger applications like WhatsApp, WeChat, and LINE is placing competition pressures on mainstream A2P SMS vendors. While companies examine more advanced interactive forms of messaging by OTT applications, traffic value and volumes in A2P SMS will come down significantly, particularly where mobile application penetrations are very high in dense Variations and Spam ConcernsShallower regulatory environments in various nations create headwinds for A2P service providers. Nations such as India have stringent regulations on SMS traffic and content, where they must comply with DLT (Distributed Ledger Technology) systems. Increased worries about SMS spam and phishing have also led to increased monitoring, which may slow down easy deployment of A2P services across the Coverage China A2P Messaging MarketChina is one of Asia-Pacific's largest and most developed A2P messaging markets, driven by robust e-commerce and digital payment ecosystems. Alibaba and WeChat Pay are among the companies that depend extensively on transactional SMS for user authentication and notifications. Although OTT platforms have gained popularity, A2P continues to play a crucial role in critical communications. Local regulation and huge user bases guarantee sustained growth and innovation in China's A2P market. February 2024 - Infobip, a leading global cloud communications platform, is announcing a tie-up with China Mobile International (Malaysia) Sdn. Bhd. (CMI Malaysia). CMI Malaysia is a China Mobile International subsidiary, which is the world's number one international telecommunication company. Infobip and CMI Malaysia will, through the tie-up, share Application to Person (A2P) SMS traffic and tap into cloud solutions to enable companies to strengthen existing offerings and optimize customer service on both A2P Messaging MarketThe A2P messaging market of India is growing at a high rate because it has a massive mobile user base and a well-developed fintech, education, and government sector. Starting from Aadhaar authentication to school notifications and bank OTPs, A2P SMS is a foundation of the communication. Through the adoption of blockchain-based DLT systems to manage spam, the regulatory climate is becoming increasingly strong, again ensuring secure and scalable A2P communication across the country. Sanchar Nigam Limited (BSNL) took a milestone leap in India's digital journey with the launch of its Bulk Push SMS A2P Platform and the successful completion of 99% fiberization of its Enterprise Business (EB) Platinum customers all over India on January A2P Messaging MarketJapan's A2P messaging market is supported by high digital maturity and business adoption across sectors. The market is led by secure messaging for banking, healthcare, and logistics. Japanese consumers value service reliability and privacy, and SMS is a favored channel for sensitive communication. Although OTT platforms are highly used, A2P messaging is still crucial for transactional notifications, customer support, and authentication, particularly in highly regulated industries. Key Players Analysis Tata Communications Twilio Inc. Sinch AB AT&T Genesys 8X8 China Mobile Ltd Corteva Agriscience The key players have been analyzed by: Overviews Key Persons Recent Developments Revenue Key Attributes: Report Attribute Details No. of Pages 200 Forecast Period 2024 - 2033 Estimated Market Value (USD) in 2024 $24.73 Billion Forecasted Market Value (USD) by 2033 $39.13 Billion Compound Annual Growth Rate 5.2% Regions Covered Asia Pacific Asia-Pacific A2P Messaging Market Segmentation Component Service Platform Deployment Mode On-Premise Cloud Enterprise Size Large Enterprises Small and Medium Enterprises SMS Traffic National Cross-Border Application Pushed Content Services Interactive Messaging Services Promotional Campaigns Customer Relationship Management (CRM) Services Others Industry Vertical BFSI Retail & E-Commerce Media & Entertainment Travel & Tourism Healthcare Others Countries China Japan India South Korea Thailand Malaysia Indonesia Australia New Zealand Rest of Asia-Pacific For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Asia-Pacific A2P Messaging Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
