In a significant move for the telecommunications sector, 3 Hong Kong, under Hutchison Telecommunications, has partnered with the global digital asset exchange platform FTX US to introduce cryptocurrency payments for its services. This initiative allows customers to settle phone bills, purchase telecom products, and top up services online using FTX Pay, a solution provided by FTX US.
This collaboration marks the first instance of a telecom operator in Hong Kong accepting cryptocurrencies, broadening payment options for users. Starting immediately, customers can use specified cryptocurrencies to pay monthly fees, buy mobile devices, access value-added services, and shop on 3 Hong Kong’s e-commerce platform, 3Mall. The service is expected to expand to physical retail stores by April.
Partnership with a Digital Asset Exchange
Offering a New Platform for Metaverse Commerce
The partnership between 3 Hong Kong and FTX US enables the integration of digital currency transactions into everyday consumer activities. According to the Executive Director and CEO of Hutchison Telecommunications Hong Kong Holdings, this initiative reflects the company’s commitment to innovation since first stepping into the crypto art market last July.
Users need to open an FTX US account to access FTX Pay features. The system supports multiple wallet types, and 3 Hong Kong will not charge any administrative fees, nor is there a minimum spending requirement. Cryptocurrency transactions are typically completed within 15 minutes, depending on the type of digital currency used and relevant operational and compliance procedures. The service is available exclusively to Hong Kong residents and is not offered in mainland China.
The Head of Payments at FTX emphasized that this cooperation represents a step forward in providing creative and novel ways for customers to utilize cryptocurrencies. He also acknowledged Hong Kong’s role as a forward-thinking international financial hub that supports innovation through a robust business and regulatory environment.
Benefits of Cryptocurrency Payments in Telecom
Adopting cryptocurrency payments offers multiple advantages, including faster transaction processing, reduced fees, and access to a broader customer base that prefers digital assets. For businesses, it represents an opportunity to align with technological trends and enhance service offerings.
This shift also supports the growing interest in metaverse-related commerce, providing a practical use case for digital currencies in everyday transactions. Companies that adopt such payment methods early can position themselves as industry innovators.
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Frequently Asked Questions
What cryptocurrencies are accepted for payments?
3 Hong Kong accepts a range of major cryptocurrencies through FTX Pay. The exact supported currencies may vary, so users should check the platform for the most updated list.
Are there any extra charges for using cryptocurrency?
No, 3 Hong Kong does not impose any administrative fees for cryptocurrency transactions. However, users should be aware of potential network fees associated with their digital wallets.
How long does a transaction take to process?
Most cryptocurrency transactions are completed within 15 minutes. The timing can vary based on the cryptocurrency used and current network conditions.
Is this service available outside Hong Kong?
Currently, the service is only available to residents of Hong Kong. It is not accessible in mainland China or other regions.
Do I need a special account to use this payment method?
Yes, users must have an active FTX US account to utilize FTX Pay for transactions with 3 Hong Kong.
Will this payment option be available at all 3 Hong Kong stores?
Initially, the service is available online. It is expected to roll out to physical stores around April.