HSBC has become the first bank to obtain approval from the Monetary Authority of Macau to enter into an alliance to launch a new bill payment service using convenience stores. HSBC Global Payments and Cash Management is partnering with 7-Eleven to offer a 24-hour/7 days-a-week cash bill payment service through more than 30 outlets in Macau. In addition to offering consumers a more convenient way of settling their bills, the agreement will also 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 payments and cash management knowledge in Asia Pacific and its 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 is designed to 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. The reconciliation process for merchants is further streamlined through automation of data capture and online consolidated reporting via HSBC’s internet banking platform.
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