7 major digital payment solutions in Hong Kong and the benefits of cashless transactions

What is a digital payment solution?

In the business world, a digital payment solutions serves as a vital tool for managing funds online, aiding companies in handling global online transactions and optimising financial operations, thereby saving both time and money.  

A comprehensive digital payment solutions caters to diverse operational payment needs, including payment services, multi-currency accounts, global transfers, corporate cards, expense management, software integration, and more.  This comprehensive solution simplifies financial management and drives business growth.

By 2024, ‌total transaction volume in Hong Kong's digital payment market is projected to reach USD $40.85 billion. Whether you are a digital marketing firm or an eCommerce integration platform, businesses are facing intense competition in the macroeconomic environment, making it more crucial than ever to choose an efficient and reliable payment partner.

If you are considering expanding your business globally, streamlining operations, and reducing costs, a comprehensive digital payment solution will help you.

Major online solutions typically include the following features:

• Secure payments

• Global business accounts

• Automated payment workflows

• Expense management

• Reporting and analysis

• Integration with other business systems

With numerous options on the market, it is challenging to determine which one best suits your business needs. This article will explore the 7 most popular digital payment solutions to help businesses make the most informed decision.

Top 7 commercial digital payment solutions in 2025

• Airwallex

• PayPal

• Stripe

• Wise

• Adyen

• QFPay

• Statry

How should eCommerce choose a digital payment solution?

When comparing digital payment solutions, you may refer to below crucial considerations:

• Security: Solutions should meet PCI DSS standards and include fraud prevention systems, ideally with advanced encryption, SOC1, SOC2, and PSD2 compliance.

• Cost: Evaluate fees, contract terms, including subscription, foreign exchange, and currency conversion costs.

• System integration: Assess the software's compatibility with existing accounting and eCommerce platforms for streamlined reconciliation, checkout, and operational forecasting.

• Global reach: Seek solutions supporting local payment methods and also global payments without high FX fees

• Scalability: Ensure the solutions can handle increased transaction volume and expansion into new markets without the need for frequent changes.

Airwallex is a comprehensive global financial platform that simplifies payment processes for various businesses like eCommerce, subscription services, and online stores. It minimises currency exchange fees, offering global collection for 160+ local payment methods such as FPS, WeChat Pay HK, Alipay HK, credit cards, bank transfers, Apple Pay, Google Pay, catering to diverse customer preferences.

Comparing digital payment methods: third-party payment platforms, mobile payments, and e-wallets

How do digital payment solutions work?

Digital payment solutions facilitate secure online transactions between buyers and sellers, enabling funds transfers from credit cards or e-wallets to the recipient's account without physical cash or card readers. The process typically involves:

• Customers enter financial details on websites, mobile apps, or POS systems to initiate payments.

• The system encrypts and transmits the information securely to the payment processor via a payment gateway

• The processor verifies transaction details between the customer's issuing bank and the merchant's bank.

• The issuing bank validates and approves the transaction.

• Funds transfer from the customer's bank to the merchant's bank for settlement.

Digital payment software serves as an end-to-end solution, an online payment gateway and processor in one. This eliminates the need for multiple vendors to handle complex payments. Digital payment functionality extends beyond transaction processing, often offering a range of features to enhance financial management, streamline operations, and facilitate global business growth.

Platforms like Airwallex automate supplier payments and expense management, helping businesses save significant time by eliminating manual invoice tracking and reconciliation.

What are the types of digital payment solutions?

Different digital payment solutions offer various payment methods. At a basic level, it's essential for a system to accept all major credit cards. However, ideally, it should provide more popular payment options. Here are some of the most popular payment methods:

• Credit and debit cards: Still one of the most widely used payment methods worldwide, with Visa, Mastercard, and American Express being the most popular.

• Bank transfers: Direct bank transfers are commonly used for B2B and larger transactions. Customers transfer funds directly from their bank accounts to merchants without using credit or debit cards, hence avoiding transaction fees.

• E-Wallets: Services like PayPal, Apple Pay, and Google Pay allow users to store payment information on their mobile devices for quick and secure payments.

• Invoice payments: Often used for B2B transactions, where businesses send invoices to customers who pay through traditional means. Automating this process can enhance operational efficiency.

• Buy Now, Pay Later (BNPL): Popular platforms like Afterpay and Klarna offer customers flexibility in purchasing goods in instalments, particularly for larger payments, making BNPL increasingly popular.

• Cryptocurrency: Some digital payment solutions accept cryptocurrencies like Bitcoin and Ethereum. While these digital currencies carry volatility risks, they attract users due to lower transaction fees and enhanced security.

• Prepaid cards and gift cards: Prepaid and gift cards from various retailers or service providers offer another flexible option for electronic payments.

It's important for businesses to prioritise referring the most preferred payment methods by their customers to enhance the shopping experience and increase sales.

Why choose Airwallex as a digital payment solution?

Airwallex is a global financial platform that offers a comprehensive suite of services for local and international payments in 60+ currencies. It also provides global collection, the ability to create Payment Links, and supports collections in 130+ currencies.

Beyond transactions, Airwallex is committed to simplifying global fund management for businesses. Through Airwallex’s Business Accounts, companies can issue multi-currency employee corporate cards, manage company expenses, track expenses, streamline expense reimbursement processes, enhance budget management, and boost employee productivity.

Benefits of electronic payments and cashless transactions

Below are the common benefits of electronic payments for consumers.

24/7 limitless transactions

Electronic payments allow consumers to make local and international transactions anytime, anywhere. Whether at home or on the go, through mobile phones or computers, consumers can effortlessly complete transactions. This significantly reduces transfer times, surpasses the limitations of face-to-face cash payments, and streamlines the entire transaction process.

Diverse rewards and benefits

Many digital payment solutions offer various rewards and discounts, such as cashback, rebates, and loyalty programs. With these solutions, consumers not only enjoy convenience but also gain additional monetary benefits, enhancing the joy of shopping and boosting brand loyalty.

Clear consumption records and easy management

Digital payment solutions provide detailed transaction records so consumers can easily track expenses and manage finances. Presented in charts or reports, these records help consumers better understand their spending habits and develop budget plans.

Multiple payment methods

Digital payment solutions offer various payment methods to small merchants, promoting business growth and offering consumers with more options when shopping. By supporting these merchants, consumers can enjoy unique products and services, contribute to business development, and create a mutually beneficial relationship.

For business users, Airwallex offers the following advantages:

• Top-tier security certification: Airwallex conforms to the highest global security standards, including PCI DSS Level 1, SOC 1, and SOC 2.

• Flexible payment options: Airwallex offers over 160 local payment methods.

• Global coverage: Airwallex accepts payments in 130+ currencies and provides local bank accounts in 23+ currencies.

• Competitive fees: Enhances customer revenue through local currency settlements, competitive transaction fees, and market-leading FX rates.

• Efficient fund management: Real-time visibility of cash flow, expenses, and multiple entity accounts.

• Seamless integration: Airwallex seamlessly integrates with platforms like Shopify, WooCommerce, Xero, and NetSuite, reducing management effort for company finance teams.

Frequently asked questions

1. What is a digital payment solution?

A digital payment system is a tool that helps businesses manage funds online, enabling companies to receive global online payments and streamline financial operations, ultimately saving time and money.

2. What are the important factors to consider when choosing a digital payment solution?

Factors to consider include security and compliance, costs and expenses, integration with existing business tools, scalability, and growth potential, and supported payment methods.

3. How much does it cost to use a digital payment solution?

Pricing varies across platforms, with some offering subscription plans while others operate on a transaction-based fee model. International payments often come with hidden fees. 

Airwallex has no account opening fees, monthly fees, transfer fees, and offers FX rates as low as +0.2% above interbank rates.

4. How secure are digital payment solutions?

Secure digital payment services should include fraud prevention systems, end-to-end data encryption, and compliance with PCI DSS (the global security standard for organisations handling sensitive data).