Octopus Wallet is a digital payment brand based in Hong Kong (China SAR). Launched in April 2016 as O! ePay, it was rebranded as Octopus Wallet in November 2020. It can be used for both online and in-store payments. Funds can be loaded to the wallet via mobile banking apps, Hong Kong (China SAR)'s Faster Payment System (FPS) instant payment solution, Octopus Card, and in cash at partner merchants.
Octopus Wallet has three versions: Lite, Plus, and Pro. These versions have varying transaction limits and application processes, catering to different customer needs. The Lite version is accessible to individuals as young as 12, while the Plus and Pro versions are for consumers aged 18 or above, with identity verification necessary using a HKID card. The Pro version (which provides the highest transaction limits) also requires the registration of a residential address.
In November 2017, Octopus launched its Octopus App for Business, for startups and SMEs, allowing them to accept QR code payments from their customers. In September 2018, Octopus integrated with FPS, enabling users to make fund transfers, top-up their Octopus Wallet, and facilitate P2P payments via FPS.
Octopus Wallet has three versions: Lite, Plus, and Pro. These versions have varying transaction limits and application processes, catering to different customer needs. The Lite version is accessible to individuals as young as 12, while the Plus and Pro versions are for consumers aged 18 or above, with identity verification necessary using a HKID card. The Pro version (which provides the highest transaction limits) also requires the registration of a residential address.
In November 2017, Octopus launched its Octopus App for Business, for startups and SMEs, allowing them to accept QR code payments from their customers. In September 2018, Octopus integrated with FPS, enabling users to make fund transfers, top-up their Octopus Wallet, and facilitate P2P payments via FPS.
The report provides information and insights into Octopus 2023 including:
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its Revenue Model
- The company's important events and milestones
Scope
- In April 2016, Octopus launched O! ePay in Hong Kong (China SAR). The service was rebranded as Octopus Wallet in November 2020
- In November 2017, Octopus launched Octopus App for Business for startups and SMEs, allowing them to accept QR code payments from customers
- In March 2018, Octopus introduced payments via card, allowing merchants to accept payments via Octopus Card through NFC-enabled mobile devices
- In June 2020, Octopus partnered with Apple to make Octopus available on iPhone and Apple Watch devices
- In March 2021, Octopus partnered with online business design firm Boutir to help merchants create online stores and accept payments via Octopus App for Business
Reasons to Buy
- Gain insights into Octopus business operations and key events
- Gain insights into its product portfolio and revenue model
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents
- Overview
- Benchmarking
- Revenue Model
- Products and Services
- Significant Events
- Supporting Merchants
- Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Octopus
- Google Pay
- Paytm
- Alipay
