Food
Mastercard and WeLab Bank Limited (“WeLab Bank”), a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”), today announced a partnership to launch a numberless bank card that is part of a simple, intuitive and fully digital banking service that specifically caters to the tech-savvy needs and lifestyles of people all over Hong Kong.
While WeLab Bank services are purposely designed to be 100 percent operated from the mobile phone, a physical card may have wider acceptance and provide added convenience to consumers’ daily lives, such as when making payments at certain merchants or withdrawing cash. Unlike traditional bank cards, the WeLab Debit Card is available for use immediately after opening a WeLab Bank account in the form of a virtual card from the WeLab Bank app, followed by the delivery of a physical card.
The physical card is also good-looking and sleek, adopting a minimalist design with only the embedded multi-function chip and cardholders’ name to compliment the Mastercard and WeLab Bank logos, with all other information accessed safely from the mobile app. This is made possible by Mastercard’s fast, secure and reliable global network, providing WeLab Bank cardholders with robust, multi-layered protection when making purchases. Some highlights are:
Looking at the transactions processed over the last few months, over 51 percent of physical card transactions were for Food & Beverages, followed by 31 percent for Groceries. Unsurprisingly, the daily average usage on weekends was about 1.5 times more than the volume on weekdays, consistent with the boost seen in restaurants since the most recent relaxation of social-distancing rules. Online transactions were much more diverse, with the top two categories – Food & Beverage (leading at 31 percent) and Entertainment (13 percent) – accounting for just 44 percent compared to offline transactions where they totaled 82 percent. Both top categories are closely tied to the increased propensity to stay at home.
Beyond local spending, over 30 percent of online transactions were processed by merchants outside of Hong Kong, powered by the worldwide acceptance and processing capabilities of Mastercard’s global network. Such data insights from customers’ behavior can further bolster WeLab Bank’s partnership with Mastercard, as well as the bank’s relationship with merchants, enabling them to deliver more relevant offers to customers.
Ensuring further reliability for local consumers, WeLab Bank takes pride in being a homegrown virtual bank licensed by the HKMA and a member of the Deposit Protection Scheme, which means that customers’ eligible savings at WeLab Bank are protected up to a limit of HKD500,000 per depositor.
“We want to empower the Hong Kong people by bringing them a more digital, secure and seamless banking experience, and it all starts with the card. We understand that people don’t want a traditional bank card, but a card that can bring excitement and fit with their daily lives. While Mastercard is a global leader in digital payments and WeLab Bank is a fintech pioneer entrenched in Hong Kong, we trust that our partnership combines the best of both worlds, allowing us to continue designing innovative tools for the future. We hope our customers enjoy using their gorgeous cards just as much as we have enjoyed building it.” said Adrian Tse, Chief Executive of WeLab Bank.
“More and more Hong Kong people are adjusting their lifestyles to become technologically savvier. Understanding their evolving needs, Mastercard has partnered with WeLab Bank, a homegrown virtual bank that shares the Mastercard vision of providing a new digital banking experience where technology and innovation are the backbone. This collaboration also showcases Mastercard’s progressiveness as a leader in the payments industry, especially in safety and security, as well as its dedication in pushing forward the development of Hong Kong as a smart city,” said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.
As a result of this collaboration between WeLab Bank and Mastercard, Hong Kong people will be able to embrace a digital lifestyle, enjoying a safe, secure and convenient banking experience.
