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PayMe: Hong Kong's e-wallet
內容大綱
As one of the largest banks in Hong Kong and worldwide, HSBC faced unprecedented challenges from mobile payment platforms (e.g., Alipay and WeChat Pay). In response, HSBC quickly launched its first e-wallet PayMe, a fee-free, user-friendly mobile app that targeted people and businesses in Hong Kong. Within five years of launch, PayMe had 2.6 million users in Hong Kong. The success of PayMe is attributed to its user-friendly design and its initial targeting of the peer-to-peer (P2P) market. Unlike its competitors, PayMe focused on the P2P market by solving consumers' difficulty in transferring money among friends without cash or the many steps of online transfer. As the payment between friends naturally had a social network effect, PayMe's customer base grew exponentially with only minimum marketing expenses. However, when expanding to the fee-charging P2M market, PayMe experienced more challenges as merchants were reluctant to pay for an additional payment method. With 2.6 million users and their HKD8mn in the e-wallet, PayMe's executives were exploring ways to trigger a virtuous cycle in the two-sided market, i.e., P2P and P2M markets. How can PayMe expand its customer base while becoming a profitable payment platform?