Interconnection between Shenzhen Tong and Octopus tried out

Published on August 26, 2009 by connie | This story has been viewed 647 views

In early 2006, Shenzhen Union Pay signed cooperation agreement with Hong Kong Octopus Company for carry out cooperation on micro payment service and opened business processing office in Shenzhen for the card of “Octopus” in August of the same year. As of June of 2008, the Octopus card could make micro payment in some restaurants in Shenzhen with average monthly amount of more than 400,000 Yuan, while Shenzhen Tong’s micro payment just started. As June of 2008, there had been more than 300 convenient stores and markets could be paid by Shenzhen Tong.

According to the cooperation agreement between Shenzhen and Hong Kong Monetary Authority, the cooperation on cross-boundary financial infrastructure projects between Shenzhen and Hong Kong will be deepened. The future cooperation has two emphases. The first is applying notes imaging technique in the joint clearing of notes of Shenzhen and Hong Kong, realizing cross-boundary notes retaining and accelerating the velocity of money. The second is actively promoting the cross-boundary application of the micro payment cards, gradually facilitating the contacts between the people of the two places starting from the interconnection of the two cards (Shenzhen Tong and Octopus).

According to the introduction of the People’s Bank of China Shenzhen Branch, the Bank had carried out several negotiations with Hong Kong Monetary Authority and Octopus Co., Ltd and had reached a consensus on the interconnection between Octopus and Shenzhen Tong. Relevant work will be further promoted.

Shenzhen Post staff Connie contributes to the story

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