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K&R International Launches Multifunction UnionPay Prepaid Cards To Seize the Opportunities Arising from Payment Services

2016-11-23

 

(Hong Kong, 22 November 2016) – K&R International Limited (“K&R International” or the “Company”), the first and currently the sole non-banking organization appointed as a prepaid card issuing member of UnionPay International Limited and a Stored Value Facilities (SVF) licensee (license number: SVF0007) regulated by the Hong Kong Monetary Authority (HKMA), held a media briefing today and provided details on its UnionPay prepaid card business and future strategies after obtaining the SVF license.

On 4 November 2016, K&R International has been granted a SVF license by HKMA to issue and sale of UnionPay prepaid cards in Hong Kong. To cope with the future development of prepaid cards in the local market, the Company will further roll out new payment services to meet customer demand with an aim to increase its market share. The proposed new services include tracking account balance and changing password via WeChat account. In addition to the existing function of purchasing train tickets from self-service machines in China, the Company will cooperate with taxi operators so that K&R International customers can pay the taxi fares with digital wallet. Furthermore, the Company will launch chip cards to ensure account security, and use for Quick Pass and support NFC (Near Field Communication), and also identify more business opportunities in collaboration with enterprises to launch the corporate prepaid cards for the payment of employee commissions, allowances and travel expenses.

K&R International will further develop digital wallet, as well as payment clearing and information exchange platform. The Company will also launch non-device based SVF, multi-currency cards, gift cards, discount cards, ticket service, public convenience facilities, remittance transfers, cards for cross-border shopping and retail service etc.

Mr. Mosby Chow, Chief Executive of K&R International Limited is confident with the future development of prepaid cards in Hong Kong, and affirmed, “The prepaid card market in Hong Kong is still lagging behind other countries. The Company hopes to seize business opportunities through the newly acquired SVF licensing, concentrate resources to develop the local business and strengthen our market awareness of overseas prepaid cards and eventually strive to increase market share. With the introduction of more payment services, I believe our prepaid card will be widely accepted in the local retail market.”

Users of the UnionPay prepaid cards issued by K&R International can enjoy distinct advantages, including the low exchange rates and an array of promotions and offers presented by UnionPay International Limited. The prepaid card is widely accepted in over 160 countries and regions for cash withdrawal at over 2 million ATM machines and over 35 million POS consumption. UnionPay prepaid cards is popular in the mainland China, Russia, Southeast Asia and Korean regions.

The Company is now providing co-branded cards and anonymous gift cards, with service charge as the source of profit. The withdrawal limit of the disposable Global Express Card amounted to HK$500, HK$1,000, HK$2,000 and HK$5,000; prepaid cards in denomination of HK$8,000 will be issued soon. Meanwhile, Personal Global Express Card can be reloaded with a sum of HK$5,000 or above, and the upper limit will be subjected to the background check results of individual customers.