Ant Financial, the finance arm of Alibaba, recently became the latest player in Hong Kong’s competitive mobile payments market after it announced the launch of its mobile wallet for Hong Kong users.

The mobile wallet and payments app, dubbed AlipayHK, is similar to its Chinese counterpart Alipay – registered users are able to top up their mobile wallets and make in-store payments that are settled in Hong Kong dollars at merchants such as Watsons, Fortress and at supermarkets like ParknShop.

Cashiers need only scan a QR code generated by the user’s Alipay app and the amount will be deducted automatically from the wallet. According to Ant Financial, the app can also be used offline as it automatically generates dynamic QR codes that allow payments to be made even without an internet connection.

Source: South China Morning Post