HSBC to lift PayMe e-wallet top-up limit

The move aims to ease individual money transfer and purchases.

HSBC is planning to lift the top-up limit on its e-payment app PayMe by up to $6,370 (HK$50,000) monthly from the current limit of $637 (HK$5,000) from any credit card per month.

Also read: HSBC shifts into growth mode with planned $17b investment into Asia

Customers will be able to transfer $3,822 (HK$30,000) from their personal HSBC account to their e-wallet around or as much as HK$50,000 if they can provide a Hong Kong residential address.

PayMe enables top-ups through a HSBC personal bank account, personal Hong Kong dollar Visa or MasterCard credit card, or a combination of both.

The enhanced features aim to ease free-of-charge money transfer between individuals as well as purchases, the company said in a statement, in what is the Hong Kong’s biggest bank’s latest effort to join the heated mobile wallets battle dominated by Octopus, Alipay, WeChat Pay and Apple Pay.

“By enabling users to top up their PayMe wallet from their HSBC bank account, we hope to provide our existing users with more choices and flexibility, as well as cater to customers who might not have a credit card,” said Greg Hingston, head of retail banking and wealth management at HSBC Hong Kong.

PayMe plans to extend the feature to cover customers without an HSBC bank account.