HSBC launches Omni Collect in India, bringing the one-stop solution that allows brick-and-mortar stores and e-commerce sites to provide multiple payment options to their customers in nine markets across Asia Pacific. Omni Collect is also available in Australia, mainland China, Hong Kong, Indonesia, Malaysia, Singapore, Thailand and Vietnam – with each market offering different capabilities.
Omni Collect is designed to simplify and streamline the way businesses collect digital payments for goods and services allowing them to easily adapt to changes in consumer spending.
With this new service, corporates have a comprehensive view of their payment collections across different channels including bank transfers, credit card payments and e-wallet transactions. This also reduces paperwork and boosts working capital for clients, enhancing their own customers’ experience.
HSBC is the first international bank to offer this collections solution across Asia. “We continue to invest in digitising and simplifying our processes, enabling us to revolutionise payments and make banking simpler and better for customers, especially during these challenging times when technology and digitisation is more important than ever,” said Kee Joo Wong, Regional Head of Global Liquidity and Cash Management, Asia Pacific, HSBC.
Wong added, “The pandemic has forced clients who were more conservative with their digital adoption to be more open to adapting to new operational models. We are having more conversations with both long-term and new-to-bank clients about the importance of digitisation, the value of automation and transitioning from manual to electronic processes.”
In India, the latest market to launch an Omni Collect solution, Advanced Travel Partners International (ATPI) has started receiving payments through an online payment gateway. “Globally, ATPI is the first company to use a combination of charter and commercial flights that enable multi-locational crew changes for seafarers during this pandemic. Omni Collect will definitely help our multinational clients enable contactless payments through online payment options using cards,” said Captain A.S Khuman, Chairman ATPI, India.
In Hong Kong, where the solution launched in 2018, merchants are able to collect multiple payment options including the city’s real-time interbank payment system – Faster Payment System (FPS), credit cards and major e-wallets. HSBC’s proprietary payment app,PayMe, was also added as a payment option on the solution’s Point-of-Sale (PoS) terminals earlier this year, enabling businesses to take payments from two million PayMe users. The local enhancement further supports the accelerated digital payment trend and adoption of e-commerce in the city.
In the first half of 2020, digital transactions processed via FPS through this solution more than tripled the whole of 2019.
In June, HSBC Malaysia teamed up with Payments Network Malaysia (PayNet), a subsidiary of Bank Negara Malaysia (BNM) and an equivalent of National Payment Corporation of India (NPCI), to launch Instant Payments QR Scans for hospitals under the KPJ Healthcare Berhad.
First deployed at the Drive-Thru COVID-19 Test facility in Kuala Lumpur, the solution allows patients to scan and pay for wellness services from their preferred mobile banking or e-wallet provider, eliminating the need for patients to queue at hospital counters amidst the global pandemic. This comes on the heels of HSBC Malaysia’s inaugural Omni Collect pilot transaction with Sports Direct, one of the largest sports retailers in the country.
Additionally, HSBC Singapore has recently expanded Omni Collect to allow corporates and merchants to accept and display payment status of PayNow QR via PoS capabilities. With this new feature, corporates and merchants can now streamline reconciliation and accept real-time receipt of funds via PayNow QR 24/7/365. This is an add-on to the current eCommerce, mCommerce and bill and invoices processing.
Over two thousand clients are currently using Omni Collect. Online transactions have tripled since January, with the value of these transactions increasing five-fold over the same period.