PayMe from HSBC: Your Complete Guide
In Fromask.com’s great article on how to use Payme, some of the more popular e-wallets and payment platforms users in Hong Kong include PayMe, which is run by HSBC. Launched in 2017, it’s one of the pioneers of electronic payment platforms here so it has a very high market share (17%). The most important thing to keep in mind when using PayMe is that you can only send money to people who have either an HSBC account a Visa credit card or an AlliedBanks credit card.
To register for the system, you have to have an account with HSBC and add funds with either cash or your NYCO Credit Card. A fee of 2% will be charged for all transactions made through this platform.
What is PayMe?
PayMe was launched by HSBC in 2017 and is currently only available to Hong Kong users. Users can deposit money into the account via a Secured Business Credit Card or bank link and then use their PayMe balance to pay at stores, and transfer money to other PayMe or FPS users. Alternatively, you can ask a friend for money directly if they’re available free of charge in the way of sending them an instant text message which is referred to as a ‘Paylink’ through PayMe. Currently, over two million users are using this service.
Can I transfer foreign currencies by PayMe?
PayMe is available in 16.1% of the United States. That means that you can’t send or receive any foreign currencies with Transferwise at this time. It’s also good to know that to set up your PayMe account you’ll need a single currency USD bank account, Visa, or Mastercard. Multi-currency accounts, business accounts, and cards from other network providers are not accepted.
How to use PayMe
To get a PayMe account, you’ll need to download the app and then enter your information which includes:
- A Hong Kong-based phone number
- A valid Hong Kong ID card
- A personal single currency HKD bank account from an eligible institution, or an HKD Visa or Mastercard
Once an account is set up, and the necessary documentation has been received for authentication purposes, the user may be asked to provide additional information such as their residential address. This information will help increase transaction limits on requests.
Read more: how to use aliexpress
To make a payment using PayMe:
- Open the PayMe app and select Pay
- Find the friend you want to pay in your PayMe friend’s list – or add as a new friend for first-time payments
- Enter the amount you want to pay and a note
- Choose the visibility of the payment – you can set it to private or have the transaction note visible to your friends
- Verify the payment using your phone’s PIN or biometric log in steps
How do I receive payment on PayMe?
Any PayMe payments you receive will be deposited into your PayMe account automatically. Use it to make the payment yourself or withdraw it to your linked bank account!
How to use a PayMe code
One way to use PayMe is by using the user-generated QR code. This enables other users who have our app to make payments to you and vice versa.
How to use PayMe’s PayLink
When inviting friends to PayMe, take it slow and let them get used to the platform by first How to Invest in Bitcoin: A Beginner Guide to making smaller payments before you introduce them to making larger ones.
How to use the PayMe app
Although PayMe is a product of HSBC, you do not need to be an HSBC customer as long as you hold an HKID and live in Hong Kong. To use PayMe’s services, follow the steps below.
- Find PayMe on your mobile device’s app store or get (Google Play Store / Apple App Store) Locate and download PayMe if it is not already present on your device.
- Open the app once successfully downloaded Go ahead and register for a new account with your mobile number.
- Open the ‘welcome page’ and fill out personal details including your name and email address.
- Proceed through the Terms & Conditions page Agree to them by setting a 6-digit transaction password.
- Enter relevant personal details into “My Identity” Add bank account details or credit card info from here onwards
How do I top up PayMe?
Topping up PayMe from your bank account or card is easy. Here’s how:
- Open the PayMe app and select Top-up
- Enter the amount you want to top up
- Enter your PIN, and you’re done
PayMe transaction fee
PayMe Personal Edition lets you send and receive funds without having to worry about any transaction fees. With PayMe, your designated bank account will work with any credit card so you don’t have to go through a lot of hassle to choose which kind of financial instruments to focus on.
Make payments with PayMe friends
- Just press the “P” button on your keyboard, then select “Check with friends” to get started.
- Enter a friend’s phone number or select them from your contact list and you’ll have access to their shipping address info
- But only if they’ve shared it with you previously. If not, there are other details you can enter manually such as the amount and other related information.
We recommend selecting a privacy level for the transaction so that certain details aren’t visible by just any random friend.
Make payments non-PayMe friends
- Click the “P” button and select “Pay” Next to this option you’ll see either an amount.
- You can choose whether you want to send this payment via WhatsApp or SMS.
- Consider with whom you should be sending the message.
- If it’s a business matter, perhaps sending something via text may not be best as someone might not be at their desk when they receive it. Sending them something on WhatsApp is probably better.
- Same thing if you’re going over finances maybe or whatever else happens in business deals It’s your choice really but in any case enter the information that needs to be provided then once all of that’s done go ahead and click through to confirm (how to use Payme).
- The other person will get notified by whichever method you decide upon so long as they have their app too.
Pay with FPS to non-PayMe users
The payme function can be used only for local transfers in Hong Kong. If you want to remit money or transfer money to other regions, you will need to use other channels. For example, Wise can optimize the cost and avoid exchange rate premiums. It also shortens the wire transfer service that used to take at least several days to 1 to 2 days, and may even arrive on the same day at the earliest (how to use Payme).
For example, if you remit money from Hong Kong to the UK, you only need to transfer the money you want to remit in Hong Kong dollars for local transfer (eg FPS), deposit it into your Wise account, and there is an online bank account in Britain for international transfer (eg ANZ), which can directly receive GBP from our bank account in Great Britain (how to use Payme).
Depending on where you live and how much money you make, PayMe transfer limits can either be high or low. You could end up using PayMe to send money daily, or maybe just rarely for special occasions. We make sure that it’s easy to send money to anyone in Hong Kong with an email address because paying rent or splitting the bill is easier with PayMe.
PayMe bank account top-up
- Hang Seng Bank
- Bank of China (Hong Kong)
- Nanyang Commercial Bank
- Industrial and Commercial Bank of China (Asia)
- Chong Hing
- China Construction Bank (Asia)
- Shanghai Commercial Bank
- CITIC Bank
- Chiyu Bank
- Bank of Communications (Hong Kong)
- Citibank (Hong Kong)
- DBS Bank Hong Kong
- Bank of East Asia
The PayMe story starts with you. As an account holder, you are an individual, not a business. This means that you have access to a capped account and additional value-added services, but the cap differs depending on your level which depends on your legal status as a private or non-private person (which is denoted by the number of verifications). The three levels are (how to use Payme).
If you’ve sent a payment to someone in error using WhatsApp or SMS, what you can do is open up the “Notifications” tab on the PayMe homepage, then click on that transaction. It will tell you if it is processing or has already been processed, and then there should be a small ‘cancel transfer’ button underneath it. This will remove it from your bill before it goes through.
Trying to get back at someone who always picks up the bill when you go out? Or looking for an easier way to pay a friend or family member abroad if you’re traveling? Try PayMe if you’re looking for a money transfer platform that connects users with local banks in different countries around the world so they can exchange currency and settle payments cheaply and efficiently.
We just moved house and we were struggling to carry boxes across town so we downloaded this app called Wise. It allows us to settle our utility bills, account balances, and other fees from anywhere in the world using our mobile phones – without having any trouble moving around!