Stored-value on Octopus cards can triple in capacity by November 2016.
Octopus Holdings Limited, set to renew its license before the end of the year, is pushing for its new generation of the eponymous electronic payment cards to each carry up to HK$3000, according to a report by the South China Morning Post.
While Octopus cards are used mainly for public transport and small retail transactions around the city, the boost in stored-value limits is likely to affect purchase and spending behavior among users, as this enables them to pay larger amounts.
The next generation card can influence more businesses to expand on its payment methods. More than a dozen merchants already implement the Octopus Online Payment Service for online and mobile payments. Although the maximum amount using the service on each card is currently set at HK$1000, this may be adjusted once the upgraded cards roll out.
Octopus Holdings Limited is still fine-tuning the technology, as well as matters of consumer protection.
Photo by Wuxxx790 (Own work) [CC BY-SA 4.0], via Wikimedia Commons