JETCO announces partnership with 12 banks to offer JETCO Pay P2P

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JETCO announces partnership with 12 banks to offer JETCO Pay P2P

Hong Kong – 20 January 2016 – Joint Electronic Teller Services Limited (“JETCO”) today announced a partnership with 12 banks to offer the JETCO Pay P2P service, which allows customers of the participating banks to transfer funds to practically anybody in Hong Kong with a bank account via an intelligent smartphone app.  Customers will be able to transfer funds anytime and anywhere by using just the recipient’s mobile number.

JETCO Pay P2P leverages JETCO’s existing inter-bank network of trusted financial brands to enable a wide choice of bank accounts for consumers to credit from. It is the result of fruitful collaboration between JETCO and 12 leading banks in Hong Kong, including the Bank of China (Hong Kong), Bank of Communications, the Bank of East Asia, China CITIC Bank International, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank, OCBC Wing Hang Bank, Shanghai Commercial Bank, Standard Chartered Bank and Wing Lung Bank.

JETCO Chief Executive Officer Mr. Angus Choi said: “Despite the high smartphone penetration rate, and a well-established regulatory and financial infrastructure, Hong Kong consumers are less willing to use mobile payments and P2P than many of their regional and global counterparts. This can be attributed to a number of factors such as security concerns, technological constraints and inadequate understanding of the service. JETCO and our bank partners are committed to overcoming these constraints and offering a product that is convenient and easy to use with a high level of security.” 

JETCO Pay P2P has three distinct features:

• Convenience: The service is directly linked to a consumer’s bank account, meaning no top-up will be required.

• Easy to use: Consumers only need to know the recipient’s mobile number. There is no need to remember any bank account numbers.

• Security: JETCO Pay P2P runs on the existing JETCO ATM platform which has a long track record of security and interbank fund transfer capability. It also features bank grade security measures such as end-to-end encryption and a dynamic pin pad to offer a high standard of protection to users.

“As a bank consortium, JETCO is able to offer an interbank P2P platform that can be shared by our member banks, helping them lower investment costs while giving them access to our sophisticated and proven technology built on JETCO’s existing ATM infrastructure. This will help our member banks launch their P2P services more quickly,” Mr. Choi added.

Mr. Choi expects JETCO Pay P2P to be rolled out to the market by JETCO’s member banks in Q2 2016.

“We will continue to work closely with our member banks and the industry to raise awareness of the use and benefits of P2P fund transfer among consumers. In the medium to long term, we are looking to develop our P2M (person to merchants) and bill payment services as part of our mobile payment offerings.”

– End –

For media enquiry:

Vianne Fung
Tel: (852) 2501 7908

About Joint Electronic Teller Services Limited

Joint Electronic Teller Services Limited (“JETCO”) was established in 1982 by five banks, namely, Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; OCBC Wing Hang Bank Limited (formerly Chekiang First Bank Limited); Shanghai Commercial Bank Limited and Wing Lung Bank Limited. Today, JETCO has over 30 member banks in Hong Kong and Macau and supports a range of banking services to these member banks covering both regions.

JETCO currently operates more than 3,000 ATMs in Hong Kong, Macau and over 20 cities across mainland China. Bank customers can use JETCO ATMs to withdraw cash, transfer funds, check account balances, pay merchant and credit card bills, donate to charities and perform overseas transaction setting.

In addition to ATM switching service, JETCO also provides other value-added services, including payment gateway services for e-Commerce and mobile payment solutions, to help member banks provide innovative and high-quality services to their customers.

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