As global commerce evolves, Hong Kong maintains its status as one of the leading financial hubs in Asia. The Hong Kong Monetary Authority reported over 303.15 million credit card transactions in Q4/2023, underscoring the growing demand for electronic payments among consumers. With the surge in eCommerce and digital payments, choosing an efficient and secure payment gateway is essential for ensuring seamless transactions and customer satisfaction in Hong Kong's competitive landscape.

In this article, we will compare some of the best payment gateway providers in Hong Kong and guide you on selecting the right one for your needs. Additionally, we will explore how Airwallex’s payment gateway can help eCommerce brands grow beyond Hong Kong through like-for-like settlement and support for 160+ payment methods.

What is an eCommerce payment solution?

An eCommerce payment solution refers to the technology and services that enable online businesses to accept payments from customers during checkout via the internet. These solutions cater to a variety of methods, including credit and debit card transactions, digital wallets, and alternative payment systems. 

The eCommerce payment industry is rapidly expanding, driven by the growth of online shopping. According to the International Trade Administration, global eCommerce sales reached US$3.3 trillion in 2022, with projections indicating that this figure could surpass US$5.5 trillion by 2027. Ensuring compatible, user-friendly, and secure eCommerce payment solutions are essential for businesses looking to thrive in this competitive landscape, as the right payment methods can significantly affect customer satisfaction and retention. By integrating these payment solutions into their websites or mobile applications, eCommerce merchants can facilitate seamless transactions, allowing customers to make purchases conveniently and securely. 

Top eCommerce payment solution providers in 2025

When choosing a payment gateway, it is essential to consider factors such as pricing, security, and customer support. Here are some of the top payment gateway providers in Hong Kong that offer reliable services for eCommerce businesses:

1. Airwallex for global companies

2. Stripe for unified commerce

3. PayPal for simplicity

4. Alipay for businesses targeting Chinese consumers

Top providers of payment processing software and services

In this section, we will focus on the pros, cons, features, and benefits of the aforementioned payment gateways. Note that gateways use 2 pricing models: “interchange ++ pricing” and “blended pricing”. 

Interchange ++ pricing is the most transparent pricing model. Fees are broken down into 3 components: an interchange fee for the card issuer, a card scheme fee for the card network, and an acquirer markup for the payment gateway. With all these different charges varying with each transaction, it would be difficult for businesses to forecast overall costs. Blended pricing, on the other hand, charges a fixed collective fee for each transaction, so it is easier to estimate the fees your business needs to cover. 

The table below compares blended pricing fees* (unless otherwise specified) for these four payment gateways.

How does an eCommerce payment processing system work? 

A payment gateway is at the front end of the payment processing system. It captures the customer’s details and transmits them to the payment processor. They are then forwarded to financial institutions like banks and card networks, who then authorise the payment to transfer the funds from the customer’s account to the merchant’s account. In other words, it functions as the digital bridge between your customers, their banks, and your business. Here is an overview of how the payment gateway works.

1. Order placement: The customer begins the transaction by entering their payment details on your website’s checkout page. If using a credit or debit card, they must provide their card number, card verification value (CVV) code, and expiration date.

2. Data encryption and transmission: The sensitive information is transmitted to the payment gateway, where it is securely encrypted or tokenized. The gateway then forwards the encrypted details to the acquiring bank, which processes card payments for your business.

3. Authorisation request: The acquiring bank sends this information to the issuing bank (the customer’s bank) to verify the card’s validity and check if there are sufficient funds or credit available.

4. Verification and fraud prevention: The issuing bank checks for fraud, verifies the transaction details, and confirms whether the cardholder has enough funds for the purchase. The issuer then sends a message to the acquirer to communicate the transaction's approval or decline.

5. Transaction confirmation: The acquirer relays the message to the payment gateway, which then passes it on to your website. Depending on the outcome, the customer will either be directed to a confirmation page for a successful transaction or prompted to try a different payment method.

6. Funds settlement: Once the payment is approved, the settlement process begins. The payment gateway receives the funds from the customer's bank and then completes the payment with your business, typically within a few business days.

Popular payment gateways offer additional features to help you with your business, like customer support, invoicing capabilities, integrations with accounting and eCommerce software, global payments and detailed analytics. These can help you run your business more efficiently and grow your bottom line.

What payment methods are available for eCommerce services? 

As an eCommerce business owner, it is important to provide your customers with a variety of payment options to make their shopping experience smooth and convenient. Here are some of the most popular eCommerce payment methods available in the market.

1. Debit cards and credit cards

Credit and debit cards are a popular choice for online transactions. They allow customers to make purchases using funds from their bank accounts or credit lines. As an eCommerce business owner in Hong Kong, it is recommended that you accept major credit cards such as Visa, Mastercard, and American Express. Credit and debit card payments offer speed and security, which helps reduce cart abandonment rates by encouraging customers to complete a purchase.

2. Digital wallets and virtual cards

Digital wallets such as PayPal, Apple Pay, Alipay and Google Pay have gained popularity in recent years. These platforms allow customers to link their credit or debit cards, bank accounts, or other payment methods for seamless online purchases. By accepting digital wallet payments, you tap into a vast audience of smartphone users.

A key benefit of digital wallets is the enhanced security they offer to both customers and merchants. With features such as two-factor authentication and encryption, customers can trust that their information remains protected during transactions.

Virtual cards, also known as e-cards or digital cards, provide an innovative payment method that allows purchases without the need for a physical credit or debit card. These cards offer an extra layer of security, reducing the risk of loss or theft. Additionally, virtual cards can be set with specific time frames or spending limits, offering improved expense management and financial control while ensuring only authorised transactions occur. 

3. Bank transfers

Bank transfers or ACH (Automated Clearing House) payments allow customers to transfer funds directly from their bank account to the merchant’s account. This payment method is popular among businesses that cater to large transactions or for recurring payments such as subscription services.

One benefit of bank transfers is that they offer lower transaction fees compared to credit and debit cards. This can be advantageous for ecommerce businesses that deal with high volumes of sales or larger transactions. It also eliminates the risk of chargebacks, as customers cannot dispute a direct transfer from their bank account.

4. Alternative payment methods

Some examples include Cryptocurrency, and cash on delivery.

Airwallex's all-in-one payment solution stands out by providing businesses with a seamless platform to integrate multiple payment methods. By simplifying cross-border transactions, reducing fees, and streamlining processes, Airwallex empowers eCommerce businesses to reach broader audiences and adapt to the evolving demands of the digital market effectively.

What questions to ask when onboarding a payment gateway company?

Onboarding a payment gateway company is like choosing a financial partner to handle all money transactions for you. It’s important to find the right payment gateway solution for you as it could impact everything from your cash flow to your customers’ trust.

Here’s a straightforward guide of the key questions you should get the answers to before handing over your card details.

Remember, you’re looking for a payment gateway software that will make your transactions smooth and secure, keep your customers happy and encourage them to come back.

• What are your security measures and compliance certifications?

Check they meet industry standards like PCI DSS and ask about what protection protocols and fraud prevention measures they use to protect customer data.

• Can you support all the payment methods my customers use?

Find out if they handle the popular payment methods among your customer base, like credit cards or Apple Pay.

• What currencies and countries do you support?

Ask if they can handle multiple currencies, international payment methods and what the currency conversion fees are. This is particularly important if you operate globally or plan to expand.

• What are the fees involved?

Ask your potential new provider about all possible fees, including transaction fees, monthly fees, setup fees and foreign transaction fees. Avoiding hidden and additional costs can help you budget more effectively.

• How does your integration process work with my current setup?

You want to pick a payment gateway provider that easily integrates with your website and shopping cart software, ensuring a smooth customer experience. Account software integration can also save you wasted admin hours.

• What is the transaction success rate?

Look out for providers with a high success rate – this should mean fewer lost sales due to failed transactions.

• How do you handle failed transactions or chargebacks?

Ask what the process is for disputes and what support is available; this is crucial for you to provide good customer service.

• What kind of customer support do you offer?

If having reliable, efficient customer support is important to you, look for 24/7 customer support with real people at the end of the phone or email, not just automated responses.

• Can your system scale with my business growth?

If you’re scaling, you’ll want a provider that can support your growth. It’s time consuming and frustrating to have to switch services or renegotiate contracts every year.

• What additional features or services do you provide?

Some gateways offer extra services like fraud protection, analytics, or management tools that could be valuable for your business. Ask what’s available and decide whether it suits your needs.

Why Choose Airwallex as an eCommerce payment services provider? 

Created with a customer-first approach to online payments, the Airwallex Checkout empowers eCommerce businesses to seamlessly send and collect payments in 180 currencies from around the world.

Our eCommerce payment solutions are optimised for quick and easy integration with popular marketplaces like WooCommerce and Shopify. With easy-to-use payment flows for customers across the globe, a smooth and fast checkout experience is empowered for businesses of all sizes. Our advanced security protocols like 3DS and Airwallex token also ensure that all sensitive customer information is well-protected, safeguarding businesses from potential fraud.

You can open multiple currency accounts for free, allowing you to collect, spend, and manage in these currencies without needing to exchange any money. This can help your business save on unwanted foreign exchange fees and minimise the cost of breaking into new overseas markets. With up to zero transaction fees via local rails and access to our market-leading FX rates, our Global Accounts are designed to maximise your international eCommerce profits.

Get started with us today and set up an international payment gateway for your eCommerce business to start receiving and paying out in multiple currencies.

FAQs about payment gateway providers 

What is an eCommerce processing software?

eCommerce payment processing software is designed to handle online transactions and facilitate the secure transfer of funds between buyers and sellers in an eCommerce setting.

What Important factors to choose when selecting an eCommerce payment processing solution?

It is worth considering security, compatibility with your eCommerce platform, supported payment methods, fees, customer support, and ease of use.

How much does it cost to onboard a payment gateway solution?

Pricing varies widely between providers. Factors like setup fees, monthly subscription charges, transaction and currency conversion fees will impact cost. 

How safe are eCommerce payment processing services?

How safe a payment gateway is all depends on the provider’s security policy and measures. Airwallex Checkout complies with the Payment Card Industry Data Security Standard (PCI DSS) and has built-in fraud detection tools to reduce the chance of data breach or fraud attempts.

*Sources: Information on payment gateway providers was retrieved as of July 2024, from below sources. Information provided is for reference only. Please refer to the official websites or the most up-to-date details

1. https://www.info.gov.hk/

2. https://www.hkma.gov.hk

3. https://www.morganstanley.com/ideas/global-ecommerce-growth-forecast-2022

4. https://www.trade.gov/

5. https://stripe.com/

6. https://www.paypal.com/hk/home

7. https://www.americanexpress.com/

Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every 6 months. If you would like to request an update, feel free to contact us at [email protected].