eCommerce payment systems: Ultimate guide to online payment platforms

An eCommerce payment system refers to the technologies and services enabling businesses to accept online payments. Choosing the right system can significantly improve the customer experience and drive business growth.

In this article, we will explore how eCommerce payment systems support Hong Kong businesses, introduce five common online payment methods, compare popular platforms, and highlight the benefits of using Airwallex as a comprehensive payment solution.

What is an eCommerce payment system and how does it help Hong Kong businesses grow?

An eCommerce payment system, also known as an online payment system, refers to the technology that supports receiving or making payments for online transactions. These systems use secure payment gateway technology to connect a customer's payment method to a merchant’s receiving account, enabling multiple payment options such as credit cards, e-wallets, and bank transfers, while ensuring transaction security and real-time settlement.

Beyond improving the overall shopping experience through a smoother checkout process, these systems also help reduce chargeback risks. For online businesses, they are an essential tool for driving growth and expanding operations.

How eCommerce payment systems enhance customer shopping experience

A well-designed eCommerce payment system that fits your business can simplify the checkout process. For example, by supporting one-click payments, embedding checkout solutions directly into your website, or settling payments in local currencies.

How eCommerce payment systems drive business growth

With advanced fraud prevention technology and real-time transaction monitoring, eCommerce payment systems can significantly reduce chargeback risks, especially those related to credit card disputes where customers request refunds for unauthorised transactions. By using a modern payment system capable of identifying suspicious activity, businesses can minimise refund disputes, save time on chargeback processing, and focus on scaling their operations.

5 common online payment methods

Online businesses in Hong Kong accept 5 main payment methods: credit and debit cards, digital payments, e-wallets, buy now pay later (BNPL), and bank transfers. If your online business serves customers outside Hong Kong, it’s crucial to understand local preferences and mainstream payment methods in each country. This will increase cross-border payment success and user adoption.

1. Credit and debit cards

Credit cards remain among the most popular online payment options in Hong Kong, supporting major networks like Visa, MasterCard, AMEX, and UnionPay. Debit cards are also gaining popularity, as they directly deduct payments from the consumer’s bank account, eliminating the risk of an overdraft. Consumers simply enter their card details and security code on a website or mobile app to complete purchases. Merchants should be aware that transaction fees vary according to the card issuer and the transaction type.

2. Digital payments

Digital payment solutions continue to grow in popularity due to their ease of use across various devices and browsers. Payment methods like Apple Pay and Google Pay leverage biometric authentication, such as fingerprint or facial recognition, to offer secure and convenient transactions. Instead of repeatedly inputting card information, consumers use virtual account numbers that replace their actual card numbers, safeguarding personal data from merchants and potential fraudsters, and enhancing transaction security.

3. E-wallets

E-wallets refer to non-physical stored-value payment tools, such as AlipayHK and WeChat Pay. They are common online payment collection tools in Hong Kong, and both have a wide user base in Hong Kong and mainland China. Merchants can collect payments by scanning QR codes or through API integration, making them suitable for attracting consumers from mainland China and local young consumers.

4. Buy now, pay later (BNPL)

Buy Now, Pay Later (BNPL) has rapidly gained traction as an innovative payment method internationally. In a BNPL arrangement, a third-party platform pays the merchant upfront, and the consumer then repays the platform through instalments over a defined period. As BNPL usually does not involve rigorous credit checks, it attracts customers without credit cards and is particularly suited to small-value transactions.

5. Bank transfers

Bank transfers enable customers to directly send funds from their bank account to a merchant’s designated account. In Hong Kong, this includes traditional bank transfers as well as real-time payment methods like the Faster Payment System (FPS). FPS supports instant transfers 24/7, allowing customers to pay conveniently using identifiers such as mobile numbers, email addresses, or FPS IDs. It supports both HKD and RMB transactions, providing a safe, quick, and convenient alternative to sharing sensitive bank account details.

How to choose the right eCommerce payment system

1. Diverse payment options

A robust payment system should support a variety of payment methods to accommodate different customer needs. This not only boosts conversion rates, but also fosters long-term customer loyalty. For cross-border businesses, it is important to choose a system that supports mainstream local payment methods in each target market.

2. Payment system cost

Merchants should assess transaction fees, foreign exchange costs, and monthly service charges. Opt for a payment solution with transparent, competitive pricing to keep operating costs under control.

3. Security and fraud protection

A trustworthy payment system must comply with leading security standards like PCI DSS and include features such as data encryption, tokenisation, fraud detection, and multi-factor authentication. These safeguards protect both customer data and your business from financial risk.

4. Ease of use and integration

The system integrates seamlessly with your existing eCommerce platforms and accounting software. A user-friendly interface helps reduce technical costs and increase operational efficiency.

Comparison of popular eCommerce payment platforms: Airwallex, PayPal, and Stripe

Airwallex Checkout: your all-in-one eCommerce payment solution

Airwallex goes beyond a traditional payment gateway to provide businesses with an all-in-one eCommerce payment solution. It includes global collection accounts, batch payments, foreign exchange, and cash flow management, enabling Hong Kong and international online businesses to effortlessly expand into global markets.

Merchants can accept over 160 payment methods, including credit cards, Apple Pay, Google Pay, e-wallets, and bank transfers, catering to diverse customer preferences. Airwallex provides transparent and competitive pricing, with transaction fees for Visa, Mastercard, American Express, Apple Pay, and Google Pay set at 3.3% + HK$2.35. For businesses operating internationally, Airwallex recommends researching popular mainstream local payment methods to optimise cross-border transactions and enhance competitiveness.

Airwallex also provides customised checkout experiences to customers around the world. This includes automatically displaying available local payment options and local currencies based on locations.

Moreover, Airwallex adheres to international security standards including PCI DSS, SOC1, and SOC2, and incorporates robust fraud prevention, data encryption, and identity verification measures. These ensure funds and sensitive information are securely protected, boosting customer confidence during the checkout process.

Airwallex also seamlessly integrates with popular eCommerce platforms such as Shopify and WooCommerce, and can synchronise business finance data directly with accounting software like Xero, QuickBooks, and NetSuite, enhancing operational efficiency.

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Sources:

Information regarding eCommerce payment systems was obtained from the following sources as of June 2025. This information is provided for reference only. For the most up-to-date details, please visit the respective official websites.

1. https://www.paypal.com/hk/business/paypal-business-fees?locale.x=zh_HK

2. https://www.paypal.com/hk/business/accept-payments

3. https://www.paypal.com/hk/webapps/mpp/pci-compliance?locale.x=zh_HK

4. https://stripe.com/zh-hk/payments/payment-methods

5. https://stripe.com/zh-hk/pricing

6. https://stripe.com/en-hk/guides/pci-compliance

Disclaimer: This article was prepared in June 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].