In addition to offering consumers a more convenient way of settling their bills, the agreement is also expected to improve the efficiency of the receivables management processes of those merchants that bank with HSBC and choose to use this new service to collect payments from their retail customers.
By leveraging its market leading expertise in payments and cash management in Asia-Pacific and its strong customer base in the Greater China region, HSBC plans to offer the service to insurance, utility and telecommunications companies and other bodies such as charitable institutions. HSBC Macau credit card centre is planning to be one of the pilot customers for this service.
Retail consumers can use a cashier counter inside any store of 7-Eleven in Macau to settle their outstanding bills in cash. The use of barcode technology and instant checksum validation of bill data will reduce errors and ensure prompt payment. The merchant will also be provided with a daily, single bulk credit to their collection account with HSBC and receive enhanced collection information services.
John Laurens, head of global payments and cash management, Asia-Pacific of HSBC, said: HSBC is the first bank to partner with 7-Eleven in Macau, and this alliance clearly delivers the combination of HSBC’s innovation in payments and cash management services and 7-Eleven’s leadership in convenience store operations to deliver a unique and value-added service. This service will be welcomed by both consumers and merchants as a convenient and efficient way to settle and collect bill payments.
In addition to providing convenience to consumers, the arrangement will also help reduce costs and improve efficiency for companies using this service as cash collections will be handled on their behalf by 7-Eleven and HSBC.
