Octopus looks for global partners to fend off competition

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The Hong Kong Economic Journal reports Octopus Cards is looking to partner with global partners to enter online shopping payments market.  

As Alipay and WeChat Pay are making gains in Hong Kong, Octopus Cards looks to tap new sources of revenues in online shopping payments. 

In an interview with the Hong Kong Economic Journal, Octopus Cards chief executive Sunny Cheung Yiu-tong said the company, while expanding its coverage of local retail outlets, is seeking collaboration with international payments service providers to enable the use of its contactless smart card system as a mode of payment in e-commerce transactions around the world.

By partnering with international payments service providers, the company hopes to make its payments solutions suitable for ecommerce websites as well.

There are about 35 million Octopus cards currently circulating in the market, and the company issues about 8 million new cards annually. 



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