[Phoenix TV Exclusive Interview] How Watchdata’s Physical Cards

As the payment market continues to evolve, we are entering a new era where the advantages of physical cards are becoming increasingly prominent. Recently, Shenzhen Tong and Hong Kong Octopus companies launched the Shenzhen-Hong Kong One Card and the Octopus National Card, respectively, bringing cross-border consumption convenience to residents of mainland China and Hong Kong. Against this backdrop, physical cards have become a focal point again, with their security, convenience, and privacy protection features gaining consumer attention.

Will physical cards hinder the development of Hong Kong’s electronic payment systems? To address this question, a Phoenix TV reporter had an in-depth discussion with Mr. Wang Youjun, Chairman of Beijing Watchdata Co., Ltd.  (formerly Beijing Watchdata System Co., Ltd.), the supplier of Octopus physical cards. Mr. Wang believes that physical cards have unique advantages in small transactions and personal privacy protection and that the development prospects for physical cards remain promising in an increasingly refined payment environment.

Physical cards are not just a payment tool but also a lifestyle choice. Mr. Wang mentioned the Shenzhen-Hong Kong One Card, released at the end of August 2023, and the Octopus National Card, launched at the end of March this year. Both cards provide users with more choices and convenience. The Shenzhen-Hong Kong One Card has a dual wallet, allowing users to enjoy the same discounts as local citizens when using the RMB wallet for Shenzhen’s public transportation and offering more consumption scenarios; the National Card focuses more on cross-border transportation payments, with automatic currency conversion between Hong Kong dollars and RMB, providing greater convenience for travel.

In this era of globalization, Hong Kong’s payment market is undergoing new changes. With more functional options, physical cards are indispensable in the payment environment, offering users a safer and more convenient payment experience. They also promote closer exchanges and cooperation between Hong Kong and mainland cities, providing a broader space for cross-border consumers.

As a physical card supplier, Watchdata has focused on data security for 30 years, providing various secure payment solutions for transportation operators worldwide. The company has extensive experience and successful cooperation cases, especially in cross-regional and cross-national transportation payment solutions. For instance, in 2012, Watchdata’s transportation solution helped Hong Kong’s Octopus and Guangdong’s Lingnan Pass achieve free movement between the two regions for residents holding a single transportation card; in 2016, a single-chip, dual-wallet contactless card solution helped Lingnan Pass and Singapore’s EZ-link achieve cross-border interconnection; and in 2023, Watchdata facilitated Shenzhen Tong and Octopus in achieving a dual-wallet card, allowing cardholders to travel freely in over 300 cities nationwide, including Shenzhen and Hong Kong. In the future, Watchdata will continue to be committed to providing solutions for various transportation scenarios, ensuring security for a diverse payment environment, and continuing to serve society and the public. (Video Source: Phoenix Show)