HSBC will launch its Hong Kong dollar-backed stablecoin in stages from Friday for more than 3.3 million users of its PayMe app, as the bank pushes to bring digital currencies into the city’s mainstream retail and investment markets.
HSBC RedCoin, available only through PayMe and the bank’s Hong Kong mobile banking app, would initially support peer-to-peer transfers and peer-to-merchant payments on PayMe, according to head of PayMe Lawrence Li.
Users can activate their HSBC RedCoin wallet, with no minimum balance or account-opening requirements. After updating the app, they can select the wallet to make instant transfers through an interface highly consistent with the current PayMe experience, he added.
“The key priority in the first phase is ensuring stable service, avoiding extra burdens for customers and winning their trust,” Li told reporters ahead of Friday’s launch.