Hong Kong's Joint Electronic Teller Services (JETCO), a joint venture between five banks, has teamed up with seven Macau banks to offer dual-currency JETCO Pay P2P mobile money transfer services.
The new service will allow customers of the participating banks to transfer both Hong Kong dollars and Macau Pataca to account holders of all local participating banks using only the recipient's mobile number.
The service will be gradually rolled out in Macau starting in the second half of 2017. Transactions will be protected through bank grade security measures such as end-to-end encryption, a dynamic pin pad and a device binding verification feature.
“With the rapid development of Macau’s economy in recent years, mobile phone penetration has also increased to nearly 200%, creating the perfect environment for the development of mobile payment services such as JETCO Pay P2P in the city,” JETCO CEO Angus Choi said.
“Operating on our existing inter-bank network, JETCO Pay P2P provides the most comprehensive cross-bank fund transfer service in town. Following its successful debut in Hong Kong last year, we are pleased to replicate this success in Macau with the support of seven member banks.”
The seven participating banks are Banco Comercial De Macau, Banco Nacional Ultramarino, Tai Fung Bank, Bank of China - Macau Branch, Industrial and Commercial Bank of China Macau, Luso International Banking and OCBC Wing Hang Bank.
JETCO member banks are Bank of China (Hong Kong), the Bank of East Asia, OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank.