E-commerce payments trends: Hong Kong - JP Morgan

Only a quarter of Hong Kong's citizens currently shop online,16 and e-commerce accounts for just 11 percent of Hong Kong's total retail spend. ... In contrast, in ... Wenolongersupportthisbrowser.Usingasupportedbrowserwillprovideabetterexperience. Pleaseupdateyourbrowser. Closebrowsermessage ShareArticle,OpensSharingWidget. ShareonFacebook(openspop-upwindow) ShareonTwitter(openspop-upwindow) ShareonLinkedIn(openspop-upwindow) ShareviaEmail(opensemailprogram) PrintPage CloseSharingWidget E-commercePaymentsTrends E-commercePaymentsTrends:HongKong E-commercePaymentsTrends:HongKong HongKongisahighlybanked,wealthyregionthatenjoysexcellentdigitalandphysicalinfrastructure,bothofwhichwillsupportfuturee-commercegrowth.However,ahistoricallegacyofbricks-and-mortarcommerceensuresthatthisgrowthwillbelessthanstellar.  Tohelpourclientslocate,attractandkeeptheircustomers,wehavetrackedandassessede-commercedevelopmentsin 34matureandemergingmarketsaroundtheglobe. HongKong’se-commercemarkettrends:Compactcity-stateslowtoadopte-commerce   TheHongKongbusinesstoconsumere-commercemarketisworth$3.7billion,14 representingoneofthesmallere-commercemarkets,byvalue,includedinourreportseries.Nevertheless,HongKongisnotableforitsadvancede-commerceinfrastructureandgoode-commercegrowthpotential:itsonlineshoppingmarketisprojectedtoexpandatacompoundannualgrowthrateof10.2percentto2021.15 ThepotentialofHongKong’se-commercemarketisreinforcedbythefactthatthemajorityofthepopulationisyettoevenusee-commerce,butthissuggestsbothachallengeandanopportunityformerchants.OnlyaquarterofHongKong’scitizenscurrentlyshoponline,16 ande-commerceaccountsforjust11percentofHongKong'stotalretailspend.17 Incontrast,inmainlandChina,e-commercetakesa23.1percentshareoftheoverallretailmarket.18 HongKong’scompactmetropolislackstheruralpopulationthattypicallylookstoaccessthewide-rangingretailchoicee-commerceoffers.19 Aswithfellowcity-stateSingapore,highpopulationdensityandalargelyurbangeographyactsasahurdletoe-commercegrowth,asmostofthepopulaceenjoyseasyaccesstophysicalstores.20 ViewtheTextVersion ViewInfographicVersion closeinfographicmodalbutton HongKong:Ataglance   Population4 7.5million Averageage5 44.4years Grossdomesticproduct6 $341.4billion Business-to-consumere-commercemarketvalue7 $3.7billion Mobilecommercemarketvalue8 $1.4billion Mobilecommerceasapercentageofe-commercemarketsize9 36% Internetpenetration10 89.4% Smartphonepenetration11 75% Bankaccountpenetration12 95.3% Cardpenetrationpercapita13 3.48 E-commercepaymentstrends:HongKong ViewtheTextVersion ViewInfographicVersion ViewtheTextVersion ViewInfographicVersion closeinfographicmodalbutton Country Category Date Value(HKDMillions) HongKong ConsumerSpending 31/03/2017 425849 HongKong ConsumerSpending 30/06/2017 446919 HongKong ConsumerSpending 30/09/2017 436742 HongKong ConsumerSpending 31/12/2017 475989 HongKong ConsumerSpending 31/03/2018 463566 HongKong ConsumerSpending 30/06/2018 473639 HongKong ConsumerSpending 30/09/2018 457539 HongKong ConsumerSpending 31/12/2018 488816 HongKong ConsumerSpending 31/03/2019 464367 E-commercepaymentstrends:HongKong ViewtheTextVersion ViewInfographicVersion Internationalmerchantsandcross-bordersaleskeytoboostingHongKong’se-commercegrowth   Thatsaid,whenHongKongcitizensshoponline,theyarewillingtospend:theaverageannualonlinespendisrobust,at$1,992.06.21 Travel,healthandbeauty,andconsumerelectronicsarethetopthreee-commercecategoriesinHongKong.22 Internetpenetrationishigh,at89.4percent,23 thehighestofthenon-Europeancountriesincludedinourreportseries.*ThiswillfacilitatethegrowthofHongKong’sonlineshopping,buttheeffortsofdomesticretailers,whichhavesofarbeenresistanttotransitioningtoe-commerceplatforms,arealsorequired.24 Thisischanging,however.In2018,justunderathirdofsurveyedHongKongchiefexecutivessaidtheywereplanningtoincreaseinvestmentintheire-commerceandonlinesalesoperationsby20percentormore.25 Onlinesalesplatformsarealsohelpingdrivedomesticmerchantsintothemarketbyofferingthemarouteintoe-commerce.26 PopularplatformsincludeWeChat,Alibaba’sTaobao,JD.com,TmallandAmazon.27 Internationale-commerceproviderscouldfindsuccessinHongKongbycollaboratingwith,orprovidingsolutionsfor,domesticplayers. Asaconsequenceoflowerdomesticinvestmentintothee-commercespace,andperhapsthesmallregion'srelativelylowerrangeofonlinemerchantscomparedwithneighboringe-commercegiantChina,cross-borderspendingishigh:75percentofHongKong’sonlineshoppershavemadeapurchasefromoverseas.28 Cross-borderspendingconstitutesthemajorityoftheregion'sonlinepurchases,at60percentoftotale-commercespendor$2.2billioninsales.29,30 ThemostpopularregionalsalesmarketsareChina,SingaporeandJapan.31   Increaseinonlineshoppingdemand   Encouragingly,asdemandforonlineshoppinginHongKongincreases,theinfrastructureisalreadyinplacetomeethigherdeliveryvolumes.HongKongisplaced12th intheWorldBank’sglobalrankingoflogisticscapabilitiesandquality,oneofthehighestrankingsoftheinternationalcountriesincludedinourreportseries.32 OnlySingaporerankshigher.33 Thisshouldenablemerchantstomeetcustomerexpectationsarounddelivery,andtoexpandtheirbusinesssmoothly. ViewtheTextVersion ViewInfographicVersion closeinfographicmodalbutton Tope-commercemerchantsegments                                                                       Segment Percentageofe-commercevalue Travel 30.2% Healthandbeauty 24% Consumerelectronics 17.4% Clothingandapparel 13.1% Other 6.7% Groceries 6.6% Householdgoods 2% Source:J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,Dunn&CompanyviaHKTDCResearch&Statista. E-commercepaymentstrends:HongKong ViewtheTextVersion ViewInfographicVersion LowmobileappuptakeimpactsHongKong’se-commercemarket   Mobilecommerceaccountsforoverathird(36percent)ofalle-commercetransactionsinHongKong.34 ThisrateislowerthanChina(76percent)35,India(46percent)36 andSingapore(42.3percent)37 butplacesHongKongatasimilarleveltomajorWesterne-commercemarketssuchasCanadaandtheU.S.(36and38percent,respectively).38,39 Themobilecommercemarketisforecasttoreachavalueof$1.6billionby2021.40 Increasedmobilecommercesaleswillbesupportedbygoodsmartphonepenetration,which,at75percent,41 placesitonaparwithSingapore.42 ThisneverthelessmeansthataquarterofHongKong’spopulationdoesnotownasmartphone,offeringfurtheropportunitiesforgrowth. Appsarerelativelyunder-utilizedinHongKong.Theyareusedinonly14percentofcompletedmobilecommercetransactions;43 incontrast,inChinatherateis67percent.44 Alackofinvestmentfromdomesticmerchantspresentsinternationalmerchantswithanopportunitytomaketheirmark.45 Google,forexample,hasalreadyhighlightedboththeneedforincreasedtalentintheHongKongmobilecommerceindustry,andalackofappsabletoprovideaccesstoawiderangeofgoodsandafrictionlesstransactionprocess.46 ViewtheTextVersion ViewInfographicVersion closeinfographicmodalbutton Preferrede-commercemethods   Indicator Sales E-commercecompletedonamobiledevice $1.4billion Mobilecommercecompletedin-app          $0.2billion                                                                                                                Mobilecommercecompletedonabrowser $1.2billion Source:J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,Dunn&Company,2018. E-commercepaymentstrends:HongKong ViewtheTextVersion ViewInfographicVersion CreditcardsanddigitalwalletsHongKong’spreferredpaymentmethods   CardsaretheleadingwaytoshoponlineinHongKong,usedforjustunderhalfofalle-commercepayments,47 or$1.8billioninannualsales.48 Morespecifically,thepaymentmarketisdominatedbycreditcards,withVisa®,Mastercard®andAmericanExpressallwell-utilizedandrecognizedbrands.49 HongKongresidentsarecomfortablewithtakingondebt,perhapsasaresultofenjoyingstrongfinancialbuffers:itscitizenshaveoneofthehighestnet-worth-to-liabilitiesratiosglobally.50 OwnershipofcreditcardsinHongKongsignificantlyoutweighsdebitcards.Thereare2.67creditcardspercapita,comparedwithjust0.81debitcardspercapita.51 Thereasonsforthisincludeacultureofpayingfordomesticbillsanddailytransportwithcreditcards,andanappetiteforrewardslinkedtocreditcarduse,suchascashbackandairmilesprograms.52Bankaccountpenetrationishigh,at95.3percent.53 Tocapitalizeonthelocalappetiteforcross-borderspendingwithChina,domesticbanksoffermulti-currencycardsthatallowpaymentstobesettledinachoiceofcurrencies.54   E-commercepaymenttrendseesriseofdigitalwalletsinHongKong   DigitalwalletsarethesecondmostpopularpaymentoptioninHongKong,usedforaquarterofalle-commercetransactions,or$0.9billionannually.55 Digitalwallettransactionsareexpectedtogrowfasterthancardtransactionsto2021,expandingatacompoundannualgrowthrateof32percent.56 Bythispoint,theyareexpectedtoovertakecardstobecometheprimarye-commercepaymentmethodinHongKong.Themost-useddigitalwalletbrandsincludePayPal® andAliPay.57 Banktransfersoccupya10percentshareofthemarket,58 butthispaymentmethodwillriseintheyearsto2021,atacompoundannualgrowthrateof28percent.59 Thiscouldbeexplainedinpartbytheriseofonlinesubscriptionservicesanddigitalwalletsthatenabledirectbankpayments. FasterpaymentswereintroducedinHongKonginSeptember2018withthelaunchofitsstate-backedFasterPaymentSystem.Citizenscantransferfunds24/7withthemoneyavailablealmostimmediately. Fundscanbetransferredviaamobilenumberoremailaddressactingasaccountproxyforthepayee.TheFasterPaymentSystemsupportsHongKongdollarandrenminbipayments.60 Merchantscanbenefitfrominstantdepositsintotheiraccountfrompayeesandtheintegrationoftheschemeintodigitalwalletplatforms.61 ViewtheTextVersion ViewInfographicVersion closeinfographicmodalbutton Paymentmethodsplitbyvalue   Paymentmethod Paymentsplit(%) Banktransfer 10% Card 49% Other 7% Digitalwallet 25% Cash 9% Source:J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,Dunn&Company,2018.  E-commercepaymentstrends:HongKong ViewtheTextVersion ViewInfographicVersion ViewtheTextVersion ViewInfographicVersion closeinfographicmodalbutton Cardpenetrationpercapita Metricindicator Total Debitcardpercapita(e-commerceenabled) 0.81 Creditcardpercapita(e-commerceenabled) 2.67 Totalcardspercapita(e-commerceenabled) 3.48 Source:J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,Dunn&CompanyviaHongKongMonetaryAuthority,2018.  E-commercepaymentstrends:HongKong ViewtheTextVersion ViewInfographicVersion E-commercefraudinHongKongrisesinlinewithgrowingonlineshopping   HongKongpoliceauthoritieshavesaidthatreportedincidencesofe-commercefraudjumpedby32percentintheyeartoNovember2018.62 Risinge-commerceuptakewasthereasongivenfortheincrease.63 SecurityisalsoattheforefrontofHongKongcitizens’concernswhenshoppingviamobile.TheyhavetheleastconfidenceinthesecurityofelectronicpaymentsoutofthegreaterChinaregion.64   Keytakeaways   Cross-borderspendingishighamongHongKongconsumers,withChinaunsurprisinglythemostcommon‘foreign’shoppingdestination,althoughSingaporeandJapanarealsopopularoptions. Internationalmerchantscantakeadvantageofhigh-qualityinfrastructurealreadyinplaceinHongKong.Likefellowcity-stateSingapore,HongKongscoreshighlyintheWorldBank’sglobalrankingoflogisticscapabilitiesandquality.Thisshouldenablemerchantstomeetcustomerexpectationsarounddelivery,andtoexpandtheirbusinesssmoothly. CardsaretheleadingwayonlinepaymentmethodinHongKong,usedforjustunderhalfofalle-commercepayments,butthegrowthofdigitalwalletscouldmakethemtheprimarypaymentmethodforonlineshoppingby2021.   Tolearnmoreaboutpaymenttrendsintheworld’sleadinge-commercemarkets,contactyourJ.P.Morganrepresentativeorcalluson: US:1-800-708-3739 UK:0845-399-1130 Europe:+353-1-726-2909 E-commercePaymentsTrends Internationale-commercesuccesscanhingeuponunderstandingtheneeds,nuancesandgrowthpatternsofindividualnations.J.P.Morgan’s E-commercePaymentsTrends aimstooffermerchantstheknowledgetheyneedforglobalsuccessthroughin-depth,country-by-countryanalysis. Browsemorereports  1 EconomicResearch,J.P.MorganChaseBank,February2019. 2 EconomicResearch,J.P.MorganChaseBank,February2019. 3 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaChinaDaily,June2017:‘E-Commerceboom-itallstartedinHK’. 4 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaWorldBank. 5 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaCIAWorldFactbook. 6 WorldBankOpenData.‘HongKong.’AccessedFebruary2019. 7 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyvia ThoughtLeadershipbySirleyYuan:eCommerceboominginHongKong,2017. 8 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 9 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaNielsen,‘HongKongConsumerEmbracesEcommerceDevelopment’,2018. 10 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaWorldBank,2018. 11 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaStatista,2018. 12 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaWorldBank,2018. 13 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaHongKongMonetaryAuthority,2018. 14 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyvia ThoughtLeadershipbySirleyYuan:eCommerceboominginHongKong,2017. 15 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaChinaDaily,June2017:‘E-Commerceboom-itallstartedinHK’. 16 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaeShopworld,2018. 17 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaSouthChinaMorningPost,July2018:‘RIP:HongKong'sshoppingindustry.’ 18 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaStatista,2018. 19 InsideRetail.asia,May2018.‘Googlechiefexplainswhat'sholdingbackHongKonge-commerce.’AccessedFebruary2019. 20 InsideRetail.asia,May2018.‘Googlechiefexplainswhat'sholdingbackHongKonge-commerce.’AccessedFebruary2019. 21 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 22 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaHKTDCResearch&Statista,2018. 23 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaWorldBank,2018. 24 InsideRetail.asia,May2018.‘Googlechiefexplainswhat'sholdingbackHongKonge-commerce.’AccessedFebruary2019. 25 KPMG.com,November2017.‘Outlookfore-commerceinHongKong.’AccessedFebruary2019. 26 KPMG.com,November2017.‘Outlookfore-commerceinHongKong.’AccessedFebruary2019. 27 KPMG.com,November2017.‘Outlookfore-commerceinHongKong.’AccessedFebruary2019. 28 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaStatista,2018. 29  J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaGo-GlobeE-commerceStatisticsandTrends,2017. 30 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 31 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaEcommerceFoundation,2018. 32 WorldBank.org,2019.‘InternationalLPI:GlobalRankings2018.’AccessedFebruary2019. 33 WorldBank.org,2019.‘InternationalLPI:GlobalRankings2018.’AccessedFebruary2019. 34 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaNielsen,‘HongKongConsumerEmbracesEcommerceDevelopment’,2018. 35 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaTMOGroup.asia,2019.‘AsiaChinaMobileCommerce.’ 36 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaeMarketer,2017. 37 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaE-commerceinSingaporeStatisticsandTrends,2017. 38 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaTheCanadianInternetRegistrationAuthority,2017. 39 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaUnitedStatesEcommerceFoundationReport,2017. 40 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaStatista,2018. 41 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaStatista,2018. 42 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaStatista,2017. 43 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaNielsen,‘HongKongConsumerEmbracesEcommerceDevelopment’,2018. 44 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaTMOGroup.asia,2019.‘AsiaChinaMobileCommerce.’ 45 RetailNews.asia,May2018.‘GoogleexplainsHongKong’sE-commerceChallenges.’AccessedFebruary2019. 46 RetailNews.asia,May2018.‘GoogleexplainsHongKong’sE-commerceChallenges.’AccessedFebruary2019. 47 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 48 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 49 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 50 HKMA.gov.hk,September2018.‘UnderstandingHouseholdIndebtednessinHongKong.’AccessedFebruary2019. 51 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaHongKongMonetaryAuthority. 52 EJInsight,June2018.‘ContactlesspaymentsseengrowinginpopularityinHK.’ AccessedFebruary2019. 53 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompanyviaWorldBank. 54 PRNewswire.com,October2017.‘PaymentsinHongKong2017:WhatConsumersWant?’AccessedFebruary2019. 55 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 56 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 57 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 58 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 59 J.P.Morgan2019PaymentsTrends–GlobalInsightsReport:DatahasbeenprovidedtoJ.P.MorganMerchantServicesbyEdgar,DunnandCompany,2018. 60 HKMA.gov.hk,September2018.‘TheLaunchofFasterPaymentSystem(FPS).’AccessedFebruary2019. 61 Wavecommerce.hk,October2018.‘FasterPaymentSystem(FPS)ExplainedforHongKong.’AccessedFebruary2019. 62 SCMP.com,December2018.‘HongKongshoppersloseHK$40milliontoonlinecrooksin2018–146percentriseonlastyear.’AccessedFebruary2019. 63 SCMP.com,December2018.‘HongKongshoppersloseHK$40milliontoonlinecrooksin2018–146percentriseonlastyear.’AccessedFebruary2019. 64 Colliers.com,April2017.‘MobilecommerceontheriseinHongKong.’AccessedFebruary2019.   AboutJ.P.Morgan   J.P.Morganoffersafullsuiteofpaymentsservicestoenableaseamlessconnectionacrossthepaymentscontinuumforclients.Webringourconsultativeexpertise,data-driveninsights,andlocalservicearoundtheglobetoprovideamoreunifiedviewofpayables,receivablesandcashmanagement.MerchantServicesisthepaymentacceptanceandmerchantacquiringbusinessofJPMorganChase&Co.(NYSE:JPM)–aglobalfinancialservicesfirmwithassetsof$2.6trillionandoperationsworldwide.i AccordingtoTheNilsonReport,itisalsothetopmerchantacquirerofe-commercetransactionsinEurope.ii   i JPMorganChase&Co.Q42018EarningsReport2018. ii TheNilsonReport,#1132May2018. 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