Hong Kong's e-commerce market is experiencing significant growth, with projections indicating a market size exceeding US$5,349.00 million by 2025 (Statista.com). For businesses to capitalize on this booming market, a reliable and secure payment gateway is essential. This guide will walk you through the intricacies of selecting the ideal payment gateway for your Hong Kong business, covering key features, fee structures, and compliance considerations.
What is a Payment Gateway?
A payment gateway is a service that authorizes and facilitates online payments for businesses. It acts as a secure intermediary, transmitting payment information between a merchant's website or application and the customer's bank or financial institution.
What is a Merchant Account?
A merchant account is a bank account that allows businesses to accept debit or credit card payments. It holds funds from card transactions before transferring them to the business's regular bank account.
What Is A Payment Service Provider?
A Payment Service Provider (PSP) is a third-party company that helps businesses accept electronic payments. They act as intermediaries between merchants and financial institutions, facilitating the transfer of funds for online transactions.
Payment Service Provider vs. Merchant Account
Let's break down the key differences between a Merchant Account and a Payment Service Provider (PSP). While they often work together, they serve distinct roles in the payment process.
| Feature | Merchant Account | Payment Service Provider (PSP) |
|---|---|---|
| Type | Specialized bank account | Third-party service company |
| Function | Holds funds from card transactions | Facilitates electronic payment processing |
| Provider | Acquiring bank or financial institution | Specialized PSP company |
| Key Role | Essential for accepting card payments; holds funds | Enables and manages the transaction process |
| Focus | Financial aspect of fund holding | Technology, transaction flow, payment methods |
The Online Payment Authorization Process
When a customer makes an online purchase, the payment gateway securely encrypts and sends their payment information to the customer's bank or card network. The bank verifies the transaction details and available funds before the payment gateway relays the authorization status back to the merchant and customer.
Payment Gateways vs. Payment Processors
While often used interchangeably, payment gateways and payment processors have distinct roles:
- Payment Processor: Handles the actual transfer of funds between bank accounts.
- Payment Gateway: Authorizes transactions by verifying payment details and communicating with financial institutions.
Top Payment Gateways for Hong Kong Businesses
Here's a breakdown of leading payment gateways. Remember to verify the latest details with providers.
1. Airwallex
Airwallex’s like-for-like settlement, AI-powered fraud engine, and adaptive success rate optimization, coupled with its global reach and support for numerous payment methods, position it as a strong choice for businesses seeking to optimize international payments and reduce FX costs.
- Like-for-like settlement: Collect and settle funds in the same currency, avoiding costly FX conversions.
- AI-powered fraud engine: Identify suspicious transactions and reduce chargebacks.
- Adaptive success rate optimization: Improve acceptance rates with machine learning-powered tools.
Accepted payment methods:
- Credit and debit cards
- Digital wallets (e.g., Alipay, WeChat Pay)
- Local payment methods
Target audience: Online businesses of all sizes
Airwallex Fees:
| Transaction Type | Fees |
|---|---|
| Monthly Fee | Starting at HKD 230/month (may be waived with minimum deposits/balance) |
| Receiving Funds via Direct Debit | Free |
| Incoming Transfers | 0.3% |
| Domestic Cards | 3.3% + HKD 2.35 |
| Local Transfers | Free |
| SWIFT Transfers | Fixed fee of HKD 120 - 200 |
| Currency Conversion | 0.5% above interbank (USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY) or 1.0% above interbank (other currencies) or 2% FX conversion fee or From 0.2% (depending on currency) or Starting at 0.4% for exotic currencies (e.g. PHP, INR, IDR) |
| Company Card | Free |
| Employee Card | HKD 109 per cardholder per month |
| Incoming transfers from non-owner accounts | 0.3% |
You can check our video on what we have to say about Airwallex and why it's a good idea for your business:
2. Stripe
Stripe's customizable UI toolkit, global reach, various payment methods, and developer-friendly APIs make it a good choice for businesses that are looking for a reliable and flexible payment processing solution.
- Customizable UI toolkit: Businesses have a wide range of options to create a user interface that meets their specific needs.
- Global reach: Businesses can accept payments from customers all over the world.
- Variety of payment methods: Customers can easily pay for goods and services.
- Developer-friendly APIs: Businesses can easily integrate the company's payment processing services into their existing systems.
Accepted payment methods:
- Credit and debit cards
- Digital wallets (Alipay, WeChat Pay)
- Local payment methods
Target audience: Online businesses of all sizes
Stripe Fees:
| Transaction Type | Fees |
|---|---|
| Monthly fee | Free |
| Transaction fees for domestic card payments | 3.4% + HKD 2.35 |
| Transaction fees for cards settled in USD | 3.4% + USD 0.30 |
| Additional fee for international cards | 0.5% |
| Currency conversion charge | 2% |
| Transaction fees for Chinese wallets | 2.2% + HKD 2.00 |
| Alternative payment methods | From HKD 3.95 |
| Custom domain option | USD 10 per month |
3. PayPal
PayPal is a widely recognized and user-friendly payment solution for businesses. It offers strong buyer and seller protection, easy integration, and mobile payment support.
- Widespread Recognition: Customers globally trust and recognize the PayPal brand.
- Strong Buyer/Seller Protection: PayPal offers protection policies for both buyers and sellers, enhancing transaction security.
- Easy Integration: PayPal can be easily integrated into most e-commerce platforms, simplifying setup.
- Mobile Payment Support: PayPal offers a smooth mobile payment experience, catering to mobile shoppers.
Accepted Payment Methods:
- PayPal balance
- Bank accounts
- Credit and debit cards
Target Audience: Small to medium-sized businesses, individuals, freelancers.
PayPal Fees:
| Transaction Type | Fees |
|---|---|
| Receiving commercial transaction | Fixed fee based on received currency + 3.90% + 0.50% for international transaction |
| Received QR Code transactions (80 HKD and above) | Fixed fee for QR Code payment + 1.20% + 0.50% for international transactions (based on received currency) |
| QR Code transactions (80 HKD and below) | Fixed fee for QR Code payment + 1.70% (No additional fee for international transactions) |
4. Adyen
Adyen is a robust omnichannel payment solution that provides multi-currency support and direct acquiring, making it ideal for large, global businesses. Its strong reporting capabilities offer valuable insights into payment data.
- Omnichannel Solutions: Adyen provides payment solutions for various sales channels, including online, in-store, and mobile.
- Multiple Currencies: Businesses can accept and process payments in a wide range of currencies.
- Direct Acquiring: Adyen offers direct acquiring services, which can streamline the payment process and reduce costs.
- Robust Reporting: Businesses get access to detailed transaction data and reporting tools.
Accepted Payment Methods:
- Credit and debit cards
- E-wallets
- Local payment methods
Target Audience: Large businesses and global enterprises.
| Transaction Type | Fees |
|---|---|
| Monthly fee | Free |
| Alipay, AlipayHK, WeChat Pay, and UnionPay | USD 0.13 + 3% |
| American Express |
USD 0.13 + 3.3% + USD 0.10 (North America) + 3.95% (Global) |
| Apple Pay, Google Pay, and Samsung Pay | USD 0.13 + depends on the card type |
| Diners and Discover | USD 0.13 + 3.95% |
| JCB | USD 0.13 + 3.75% |
| Visa and Mastercard® | USD 0.13 + (0.3% - 2%) |
5. Alipay
Alipay is a popular payment solution in China due to its QR code payment system, in-app payment options, and integration with the Alibaba ecosystem. This makes it a key payment solution for businesses that want to reach Chinese consumers.
- Widespread Popularity in China: Alipay has a massive user base within China.
- QR Code Payments: Provides convenient and quick QR code payment options.
- In-App Payments: Allows for seamless transactions within the Alipay app and integrated platforms.
- Alibaba Ecosystem Integration: Tightly integrated with Alibaba's online marketplaces and services.
Accepted Payment Methods:
- Alipay balance
- Bank accounts
Target Audience: Businesses targeting Chinese consumers.
Alipay Fees:
The standard transaction rates for using Alipay's cross-border payment services on websites and apps are based on the transaction amount in RMB. For transactions:
- Below 1 million yuan: 2.2%
- Between 1 million and 3 million yuan: 2%
- Between 3 million and 10 million yuan: 1.8%
- Equal to or exceeding 10 million yuan: 1.6%
Please note that these rates are for reference only, and the actual transaction costs may include additional fees such as merchant processing fees.
To obtain a quote for your specific business, please register with Alipay. Once your registration is successful, you can access pricing and fee information through your Alipay Merchant Account in the Merchant Portal.
6. WeChat Pay
WeChat Pay is a prominent payment solution in China, boasting a vast user base and seamless integration with the WeChat ecosystem. Its features, such as QR code payments and in-app payment capabilities, make it a crucial tool for businesses targeting the Chinese consumer market.
- Massive User Base in China: WeChat is incredibly popular in China, giving access to a vast consumer base.
- QR Code Payments: Provides quick and convenient payment options via QR codes.
- In-App Payments: Allows for seamless transactions directly within the WeChat app.
- WeChat Ecosystem Integration: Tightly integrated with the various services and features within the WeChat platform.
Accepted Payment Methods:
- WeChat Pay balance
- Linked bank accounts
Target Audience: Businesses targeting Chinese consumers.
WeChat Pay Fees:
For domestic transactions in China, WeChat Pay typically charges a low transaction fee. However, specific rates can vary based on the type of merchant or industry. Generally speaking:
| Transaction Type | Fees |
|---|---|
| Domestic Transaction | 0.6% to 1% per transaction |
| Cross-Border Transaction | Higher fees may apply due to exchange rate differences and additional processing costs |
7. Octopus App for Business
The Octopus App for Business provides a convenient and familiar payment option for businesses in Hong Kong. Its integration with the established Octopus network and contactless payment capabilities are key features that make it a practical solution for companies operating in the region.
- Integration with Established Octopus Network: Leverages the widespread acceptance and usage of Octopus cards in Hong Kong.
- Contactless Payment Capabilities: Offers quick and convenient contactless payment options for customers.
- Localized Solution: Caters specifically to the Hong Kong market and its unique payment habits.
- Easy Adoption: Businesses can easily integrate the Octopus app into their payment process, leveraging existing Octopus infrastructure.
Accepted Payment Methods:
- Octopus cards
- Octopus App
Target Audience: Businesses operating in Hong Kong.
Octopus App For Business Fees:
| Transaction Type | Fees |
|---|---|
| Setup Fee | Free |
| Service Fee | Waived for MSMEs on the first 10,000 HKD transactions per month. Other fees not publicly disclosed but likely competitive with local standards. |
8. Checkout.com
Checkout.com is a global payment processor that provides local acquiring services, fraud management, and a unified platform. These features make Checkout.com a good option for businesses that are growing and expanding internationally.
- Global Payment Processing: Enables businesses to accept payments from customers around the world.
- Local Acquiring Services: Offers local acquiring capabilities, which can improve transaction success rates and reduce costs.
- Robust Fraud Management: Provides advanced tools and features to detect and prevent fraudulent transactions.
- Unified Platform: Offers a single platform to manage all aspects of payment processing.
Accepted Payment Methods:
- Credit and debit cards
- E-wallets
- Local payment methods
Target Audience: Growing businesses with international aspirations.
Checkout.com Fees:
| Transaction Type | Fees |
|---|---|
| Transaction Fees | Custom pricing based on volume and type of transactions. Typically includes interchange fees (0.1% to 3%), assessment fees, and processor fees. For card processing, Checkout.com uses an Interchange++ pricing model for transparency. |
| Exchange Rate Markup | Typically around 1.99% |
| Authorization Fees | Small authorization fees apply per transaction. |
9. AsiaPay
AsiaPay is a payment service provider that offers a range of payment solutions for businesses operating in Asia or targeting Asian customers. Their localized solutions and support for multiple payment methods, combined with secure payment processing, make them a suitable option for businesses within the region.
- Multiple Payment Method Support: Offers various payment options including credit/debit cards, e-wallets, and bank transfers.
- Localized Solutions: Provides tailored solutions that cater to specific Asian markets.
- Secure Processing: Emphasizes secure transaction processing to protect sensitive data.
- Strong Asian Presence: Established presence and familiarity with the Asian payment landscape.
Accepted Payment Methods:
- Credit/debit cards
- E-wallets
- Bank transfers
Target Audience: Businesses in Asia or targeting Asian customers.
AsiaPay Fees:
| Transaction Type | Fees |
|---|---|
| Transaction Fee | Typically ranges from 2.5% to 4.5% per transaction, depending on the payment method and merchant agreement. |
| Setup Fee | Not explicitly stated; may vary by region or business type. |
| Monthly Fee | Included in overall pricing plans but specific details not publicly disclosed. |
10. eWay
eWay's advanced fraud protection and chargeback management tools help businesses minimize risk and protect their revenue. With its excellent customer support and competitive pricing, eWay is a cost-effective solution that can help businesses streamline their payment processes and improve their bottom line.
- Easy Integration: Simple and straightforward setup for businesses.
- Secure Processing: Emphasizes secure transaction processing to protect sensitive data.
- Various Payment Options: Supports a range of payment methods to cater to different customer preferences.
- Reliable Platform: Known for its dependability and consistent performance.
Accepted Payment Methods:
- Credit/debit cards
- Alternative payment methods
Target Audience: Small to medium-sized businesses.
eWay Fees:
| Transaction Type | Fees |
|---|---|
| Transaction Fee | 3.4% per transaction + HKD 2.35 per payment for domestic and international cards. An additional 1% cross-border fee applies for foreign card transactions. |
| Setup Fee | Free |
| Monthly Fee | No monthly fees for the basic plan, but there may be an annual fee if you opt for certain premium services (e.g., Merchant Trust Initiative). |
11. JETCO Pay
Local payment processing through the JETCO network makes it a straightforward option for businesses operating in Hong Kong and Macau.
- Easy Integration: Connects to a large network of local banks.
- Secure Processing: Emphasizes secure transaction processing via the JETCO network.
- Various Payment Options: Supports payments from bank accounts linked to JETCO.
- Reliable Platform: Known for its dependability within the Hong Kong and Macau markets.
Accepted Payment Methods:
- Bank accounts linked to JETCO.
Target Audience: Businesses in Hong Kong and Macau.
JETCO Fees:
JETCO Pay does not explicitly disclose its transaction fees in publicly available resources. While it is known for facilitating various payment methods, including bill payments and transactions through its network, specific fee details for merchants using JETCO Pay are not widely disclosed. As with many payment gateways, fees can vary based on factors such as transaction volume and the type of services utilized.
12. Braintree
Braintree, a PayPal service, is a versatile payment gateway designed for eCommerce businesses. It facilitates secure online transactions by connecting merchants to various payment networks.
- Advanced Fraud Protection: Tokenization, 3D Secure 2.0, and machine learning tools to minimize chargebacks and fraud.
- Global Reach: Processes payments in 130+ currencies across 45+ countries, with strong adoption in the U.S., Taiwan, and Hong Kong.
- Recurring Billing: Supports subscription models with automated invoicing and retry logic.
- Mobile Optimization: SDKs for iOS/Android to enable in-app payments.
- Developer-Friendly: Robust APIs for seamless integration with custom workflows.
Accepted Payment Methods:
- Credit/debit cards (Visa, Mastercard, Amex, Discover, JCB, Diners Club)
- PayPal & Venmo
- Digital wallets (Apple Pay, Google Pay)
- ACH Direct Debit (U.S. only)
- Bank transfers (via Braintree Extend)
Target Audience: Mid-sized to large enterprises, especially e-commerce platforms, marketplaces, and subscription-based businesses requiring cross-border capabilities.
Braintree Fees:
| Transaction Type | Fees |
|---|---|
| Card & Digital Wallets | 2.59% + $0.49 per transaction |
| Venmo | 3.49% + $0.49 per transaction |
| ACH Direct Debit | 0.75% (capped at $5) |
| Chargebacks | $15 per dispute |
| Cross-Border | 1% FX fee + 1% international card fee |
| Setup/Monthly Fees | None |
13. 2Checkout
2Checkout excels for businesses targeting global markets, particularly those selling digital subscriptions or software. Its multilingual checkout and extensive currency support simplify cross-border sales, while subscription tools enhance recurring revenue management. However, higher fees may deter budget-conscious SMEs.
- Global Payments: Accept payments in 200+ countries with support for 45+ payment methods and 100+ currencies.
- Subscription Billing: Tools for recurring billing, revenue recovery (retry logic), and account updaters to reduce churn.
- Fraud Protection: Dynamic risk scoring, chargeback management, and PCI DSS compliance.
- Shopping Cart Integration: Hosted and inline checkout options, plus integrations with Shopify, WooCommerce, Magento, and 100+ other platforms.
- Multi-Channel Support: Sell digital goods, subscriptions, physical products, and services globally.
Accepted Payment Methods:
- Credit/Debit Cards: Visa, Mastercard, Amex, Discover, Diners, JCB.
- Digital Wallets: PayPal, Alipay (region-specific).
- Bank Transfers: ACH, SEPA (region-dependent).
- Alternative Methods: Localized options like iDEAL, Sofort, and Giropay.
Target Audience:
- E-commerce retailers, SaaS companies, and digital content providers.
- Small to medium-sized businesses (63% of users) with cross-border sales needs.
- Industries: Software, online education, digital goods, and subscription services.
2Checkout Fees:
| Transaction Type | Fees |
|---|---|
| Transaction Fees | 3.5% + $0.35 per sale (2Sell plan). |
| Chargebacks | $15 (if <1% rate), $20 (1-2%), $45 (>2%). |
| Cross-Border Fees | 2% for international transactions. |
| Currency Conversion | 2–5% markup on exchange rates. |
| Setup/Monthly Fees | None (flat-rate, pay-as-you-go model). |
14. Payment Asia
Payment Asia excels as a regional specialist, offering cost-effective solutions for businesses targeting Southeast Asian markets. Its strengths lie in localized payment methods (e.g., QR codes in Thailand, virtual accounts in Vietnam), multi-currency IBANs, and robust security. While fee transparency is lacking, its 24/7 support and SME-friendly tools make it ideal for merchants prioritizing regional growth over global scalability.
- Multi-Currency Support: Facilitates transactions in 14+ currencies with competitive exchange rates for USD and EUR.
- Cross-Border Solutions: Offers IBAN accounts and instant bank transfers for seamless international payments.
- Omnichannel Payments: Supports online gateways (credit cards, e-wallets like Alipay/WeChat Pay), QR codes, and offline mobile payments via PA Pay.
- Advanced Security: PCI-DSS compliant with SSL encryption, tokenization, and QR code verification.
- SME Focus: Tailored solutions for Southeast Asian markets (Philippines, Thailand, Vietnam) with local bank integrations.
Accepted Payment Methods:
- Cards: Visa, Mastercard, UnionPay, American Express.
- E-Wallets: Alipay, WeChat Pay.
- Bank Transfers: SEPA, SWIFT/BIC, local transfers (supports 10+ banks in Vietnam, 14+ in the Philippines).
- Cryptocurrency: Supports crypto transactions (exact coins not specified).
Target Audience:
- SMEs and enterprises in Southeast Asia (e.g., Malaysia, Philippines, Thailand).
- Businesses requiring cross-border capabilities, multi-currency accounts, or QR code payments.
- Industries: E-commerce, retail, SaaS, digital goods.
Payment Asia Fees:
| Transaction Type | Fees |
|---|---|
| Transaction Fees | Competitive rates with "no hidden charges"; exact fees require direct inquiry. |
| Cross-Border Fees | Competitive FX rates for USD/EUR; markup varies by currency. |
| IBAN Services | Low-cost multi-currency IBANs with same-day settlements. |
| Setup/Monthly Fees | None disclosed; likely waived for basic accounts. |
Specific fees and features may vary by country.
Payment Gateway Comparison Table
Each payment gateway is tailored to specific target audiences and offers unique advantages, making it crucial for businesses to choose the one that best suits their needs and customer base.
| Payment Gateway | API Integration | Recurring Billing | Reporting & Analytics | Chargeback Management |
|---|---|---|---|---|
| Airwallex | Yes | Yes | Customizable Integrations, Financial reporting APIs | Varies (AI fraud engine, 3D Secure) |
| Stripe | Yes | Yes | Advanced dashboards | Stripe Radar tools |
| PayPal | Yes | Yes | Basic transaction history | Seller Protection program |
| Adyen | Yes | Yes | Real-time analytics | Advanced dispute resolution |
| AliPay | Limited | Limited | Basic sales reports | Alipay Balance protection |
| WeChat Pay | Limited | Limited | Basic transaction tracking | WeChat dispute channels |
| Octopus App | No | No | Basic usage stats | Merchant resolution process |
| Checkout.com | Yes | Yes | Customizable reports | Chargeback insurance options |
| AsiaPay | Partial | Yes | Regional analytics | Basic dispute handling |
| eWay | Partial | Yes | Sales trends analysis | Dispute resolution portal |
| JETCO Pay | No | No | Transaction records | Bank-mediated resolutions |
| Braintree | Yes | Yes | Customizable reports | Advanced fraud protection |
| 2Checkout | Yes | Yes | Real-time monitoring | Chargeback management |
| Payment Asia | Partial | Yes | Basic transaction tracking | Dispute resolution service |
This is for general informational purposes only. Always confirm the specific features and fees with the payment gateway providers directly, as these can change.
Conclusion
Hong Kong’s payment gateway ecosystem balances global reach and local specificity. For international businesses, platforms like Stripe and Adyen offer scalable solutions with multi-currency support, while Alipay and WeChat Pay dominate mainland Chinese consumer access. Local gateways like Octopus App and JETCO Pay excel in Hong Kong’s retail and transport sectors with frictionless mobile payments.
For tailored solutions, providers like Checkout.com and AsiaPay offer hybrid flexibility. By aligning gateway capabilities with business objectives, companies can streamline payments in one of Asia’s most dynamic financial hubs.
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