The Submit digs into how this card can profit customers.
1. How does the cardboard work?
Holders of the brand new card can faucet for rides on public transport bearing the “China T-Union” logos. This comes as much as 38,000 public bus routes and 285 rail or ferry companies on the mainland.
The China T-Union undertaking is a nationwide one-card fee system developed in recent times.
Whereas cardholders can prime up the worth in Hong Kong {dollars}, fares might be deducted in yuan, in keeping with the corporate.
The cardboard, which has a saved worth restrict of HK$3,000 (US$384), is routinely up to date with the market international change fee efficient upon top-up at kiosks or by a conversion on the app by cash within the e-wallet.
The change fee is legitimate for a most of 90 days.
However the card can’t be used to pay for different transactions equivalent to retail and eating.
The cardboard, which retains all the unique Octopus capabilities, will also be utilized in Hong Kong with a number of top-up choices.
Customers can add worth by the Octopus app, go for computerized top-up companies, or go to designated top-up factors so as to add worth utilizing money.
Cardholders on the mainland may add worth by the Octopus app. For these in Shenzhen, they will prime up on the Shenzhen UnionPay EPS Kiosk.
2. The place can I buy the brand new card?
Ranging from March 26, shoppers can purchase these new playing cards for HK$88 with out a deposit at greater than 7,000 Circle Ok comfort shops throughout town, or the customer support centres at seven MTR stations: Hung Hom, Sheung Shui, Fanling, Lok Ma Chau, Kowloon Tong, Tsuen Wan and Admiralty.
3. What are the restrictions of the brand new card?
When the saved worth exceeds HK$1,000, some mainland card readers could not precisely show the steadiness on account of various limits in several cities throughout the border or variations in show settings.
In such cases, customers can use the Octopus app to verify their steadiness or transaction historical past.
Hong Kong’s new Octopus card providing mainland China journey will get heat reception
Hong Kong’s new Octopus card providing mainland China journey will get heat reception
4. How does it differ from different cross-border transport playing cards?
The earlier cross-border Octopus playing cards linking Hong Kong and mainland cities equivalent to Shenzhen and Guangzhou, required customers to have a separate yuan account for his or her cross-border playing cards.
However the brand new model permits customers to prime up their steadiness with Hong Kong {dollars}.
5. Will the brand new card encourage extra spending on the mainland?
Many individuals, particularly senior residents, queued as much as purchase the brand new Octopus card on the Kowloon Tong MTR station on the primary day of its sale.
One stated the cardboard could be a “recreation changer” for aged individuals who struggled to make use of QR wallets on their telephones to pay for the fares on the mainland.
For the reason that graduation of border clearance between Hong Kong and the mainland final yr, there was a sustained surge in cross-border procuring, fuelled by the decrease costs within the north in contrast with Hong Kong.
In accordance with statistics from the Hong Kong Immigration Division, there have been greater than 50 million visits from town to the mainland in 2023.
New CEO of Hong Kong’s Octopus goals to shift service ‘from plastic to telephone’
New CEO of Hong Kong’s Octopus goals to shift service ‘from plastic to telephone’
Gary Ng Cheuk-yan, a senior economist with Natixis Company and Funding Financial institution, stated the recognition of the brand new card may stimulate extra cross-border spending.
“The streamlined transport fee will additional cut back the hurdles and improve the attractiveness of journeys to mainland China. It’s prone to be most helpful for older folks and foreigners dwelling in Hong Kong relating to comfort,” he stated.
The economist added that the cardboard may not be as game-changing, given its utilization was restricted to public transport.
“[Visiting the mainland] requires many extra native apps to outlive, equivalent to taxis and different funds, which isn’t simple for somebody not dwelling in the identical ecosystem,” Ng stated.
