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Today in Payments Around the World: Hong Kong FPS Averages $667.9M in Daily Transaction Volume; Klarna Launches All-in-One Shopping App



Today in payments around the world, Hong Kong’s Faster Payment System (FPS) averages $667.9M in daily transaction volume, and buy now, pay later (BNPL) firm Klarna launches an all-in-one shopping app.

Plus, shares of South Korea’s Kakao pay soars over 150%, Dutch B2B marketplace Katanox teams up with Oracle Hospitality to connect hoteliers, travel sellers, and Payroll technology helps African Workers access credit.

Hong Kong FPS Averages $667.9M in Daily Transaction Volume

According to a Wednesday (Nov. 3) report from the South China Morning Post, Hong Kong’s FPS has reached nearly 750,000 daily transactions, with a total volume of 5.2 billion Hong Kong dollars ($667.9 million) three years after its launch.

During a discussion at the 2021 Hong Kong FinTech Week conference, Financial Secretary Paul Chan Mo-po said the FPS for real-time fund transfers and retail payments grew more than two-fold from its $2.4 billion total transaction volume at the beginning of 2020.

China’s Central Bank Says More People Are Using Digital Yuan

Officials in China said the use of the digital yuan — or e-CNY — has surged to 140 million individual accounts and 10 million business accounts, Bloomberg reported Wednesday (Nov. 3).

The report cited Mu Changchun, head of the Digital Currency Institute at the People’s Bank of China (PBOC), who said that pilot programs in more than 10 regions using the digital yuan hit 62 billion yuan (about $9.7 billion).

Using Payroll Technology as a Means for African Workers to Access Credit

Chidozie Okonkwo, the co-founder of Bento, tells PYMNTS that there are millions of workers “starved of credit” across Africa, creating a huge opportunity that his FinTech firm is well-positioned to tap into using its payroll technology while also building an ecosystem for partner firms to transact in a more efficient, less fragmented way.

BNPL Firm Klarna Launches All-in-One Shopping App

BNPL giant Klarna has introduced a new one-stop shopping app across the company’s markets, according to a Wednesday (Nov. 3) press release. Using the app, customers can shop at all online stores, peruse exclusive offers, save items, receive notifications for price decreases, manage payments and returns, view delivery tracking and more, the announcement said.

Katanox, Oracle Hospitality Team to Connect Hoteliers, Travel Sellers

Katanox, a B2B marketplace for travel accommodations and sellers, integrates with the hospitality management platform, Oracle Hospitality, to help clients reach travel sellers more easily.

This partnership, announced in a press release Tuesday (Nov. 2), will help hotels and similar companies distribute inventories with new travel sellers, which “enhances each company’s offerings” and helps accommodation suppliers sell rooms and control their businesses.

Shares of S.Korea’s Kakao Pay Soar Over 150% on First Day of Trading

Shares of South Korean mobile payments app Kakao Pay jumped 150% in early trading Wednesday (Nov. 3), moving up from an initial public offering (IPO) priced at 90,000 won (about $76), Bloomberg reported. Backed by Jack Ma’s Ant Group, the startup raised 1.53 trillion won (about $1.3 billion) before trading, giving Kakao a market capitalization of more than 11.7 trillion won.




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