Hong Kong’s voucher scheme is set to launch this summer.
The scheme will give every adult Hong Kong resident HK$5,000 (US$643) worth of vouchers to spend locally. This is to increase local spending and boost the city’s economic recovery.
AlipayHK, Octopus, Tap & Go and WeChat Pay HK are the four electronic payment providers that have been chosen to operate the HK$5,000 voucher scheme.
According to South China Morning Post, the scheme will benefit 7.2 million people and cost the government around HK$36 billion. HK$600 million of the HK$36 billion will go towards administrative expenses.
In a statement, the Financial Secretary Paul Chan Mo-po said, “When identifying the operators, the government has taken into consideration a basket of factors, including the popularity, ease of use, and coverage of merchants of the operators, the operator’s relevant experience and supporting facilities, and the preparation time required.”
Chan also said, “The principle is to allow the coupons to be spent with flexibility.”