Hong Kong missed out on QR code payments because there were neither user pain points nor alternative incentives.
Written by: Ethean
Conclusion at the beginning
This depends on whether two key conditions can be met:
Whether stablecoins are more convenient, cost-effective, and cover more scenarios than existing payment methods.
Whether a complete ecosystem that is "usable, user-friendly, and trustworthy" can be quickly built within a compliant framework.
I. Why has the "QR Code Payment Era" not occurred in Hong Kong?
The reasons are quite practical and straightforward:
Cash Only can save on transaction fees.
The acceptance of Octopus cards is due to the large number of users, forcing merchants to "adapt."
In contrast, while Alipay / WeChat have slightly lower fees, they:
Lack a user base.
Do not have a super ecosystem like "Meituan + Taobao + Didi."
In Hong Kong, they are "independent wallets," with incomplete functions and limited usage scenarios.
Thus, they can only serve as auxiliary payment methods for tourists.
II. Is it possible for Hong Kong to leap directly to stablecoin payments?
Currently, for stablecoins to truly enter daily life, two core thresholds must be crossed:
1. User experience is not yet "lifestyle-oriented."
Current discussions around stablecoins are still focused on: institutional settlement / cross-border payments / RWA asset issuance.
How do users "buy coins → pay → receive payments → exit"? The process is complex, lacks incentives, and has high educational costs.
Stablecoins are still far from being as convenient and user-friendly as Octopus / WeChat / Alipay.
2. Compliance has "laws," but there is still a distance to "implementation."
1) Compliance "has licenses" ≠ payment implementation.
Hong Kong will officially launch a stablecoin licensing system in 2025, but currently:
Regulatory details and approval processes are still being tested.
There is a waiting period before formal issuance and promotion to the retail market.
2) The wallet and payment gateway ecosystem is not yet established.
Regulation mainly covers the issuance level, but is there a mature and user-friendly wallet app? Is there an ecosystem that seamlessly integrates with merchant POS and payment gateways? Currently, the licensing system is still being constructed, and we have not yet entered the application development phase aimed at the general public.
3) The actual effectiveness of regulatory enforcement needs time to be validated.
To dare to use stablecoins, the premise is: users must trust that they can be redeemed quickly and reliably. Even with licenses, will the market accept them? How will regulation ensure redemption promises? If the transparency of reserve assets, user protection, and risk emergency measures are inadequate, a trust crisis may still occur.
Hong Kong missed out on QR code payments not because of technological backwardness, but because there were neither user pain points nor alternative incentives.
III. Can stablecoins successfully leap directly?
It depends on:
Whether they are more convenient, cost-effective, and cover more scenarios than existing payment methods;
Whether a usable ecosystem can be quickly built within a compliant framework.
Hong Kong missed out on QR code payments because there were neither user pain points nor alternative incentives. If stablecoins want to skip the QR code era and directly enter daily life scenarios, they must truly break through the barriers on both the user and merchant sides from the dimensions of "compliance + experience."
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