HSBC launches RedCoin payments for PayMe’s 3.3 million users
PayMe users in Hong Kong can pay friends and merchants with the bank’s first stablecoin; investment tools and banking-app support remain plans.
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PayMe users in Hong Kong can pay friends and merchants with the bank’s first stablecoin; investment tools and banking-app support remain plans.
HSBC has launched RedCoin, its first stablecoin, through PayMe in Hong Kong. PayMe was already a person-to-person payment service; its 3.3 million users can use RedCoin to pay friends and merchants, Banks.am said, citing Finextra.
A stablecoin is a digital currency intended to maintain a steady value.
HSBC plans to let PayMe users invest in tokenised assets—investments represented digitally—but that is not part of the payment service described at launch. Its plans include a forthcoming share class of its Hong Kong dollar money market fund. The bank also plans to add a stablecoin wallet to its HSBC HK mobile banking app.
John O’Neill, HSBC’s managing director for digital assets and currencies, said the bank plans more products, including uses for corporate and institutional customers. Those uses are a next step, not a feature of the PayMe launch.
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