Guide to third-party payment platforms for Hong Kong businesses 2025

This guide will help you find the best third-party payment platforms for cross-border payments, global collections, currency exchange, and eCommerce integration. We'll break down the types and functions of platforms on the market, compare their costs and features, and help your business scale in both local and international markets.

What is a third-party payment platform?

Third-party payment platforms are typically run by non-banking fintech companies. They offer businesses a comprehensive suite of financial services, including online payments, global collections, currency exchange, and remittances. By choosing the right platform, companies can avoid the hassle of building a complex payment system or writing custom code. Instead, you can simply connect to a platform’s API to give customers a wide range of payment options like credit cards, digital wallets, and bank transfers, all through a secure payment gateway.

Limitations of traditional payment methods

Before digital wallets and mobile payments were common, businesses relied on traditional payment tools like cash, checks, bank transfers, and credit cards. But these methods came with a lot of manual work – from complicated setup and application processes to integrating and testing with various banks. All this fragmented work required significant time and manpower, which was a huge burden, especially for small and medium-sized businesses with limited resources.

On top of the extra work, traditional banking services often come with an array of standard and hidden fees. Traditional Hong Kong banks often focus on a small number of key currencies, making them less practical for cross-border eCommerce businesses. This limitation can force businesses to deal with expensive conversion fees, volatile exchange rates, and a narrow range of payment options, which can significantly impact their bottom line.

Advantages of third-party payment platforms

As technology rapidly evolves, businesses are increasingly using third-party payment platforms for flexible financial solutions. These platforms solve the biggest problems with traditional methods: tedious manual processes and high costs. They support multi-currency payments, global collections, and cross-border transfers, making it easy for SMEs to expand internationally.

For example, Airwallex, a leading all-in-one financial platform, offers a full suite of tools, from multi-currency Corporate Cards and automated reconciliation, to bulk payments and advanced risk controls. By integrating Airwallex into their eCommerce systems, businesses can centralise payment management, streamline workflows, and cut down on both administrative and operational costs.

What businesses should use third-party payment platforms?

• eCommerce businesses: To deliver a seamless checkout experience and maximise conversion rates, they need to quickly process a wide range of online payment methods.

• Export and trade companies: They regularly receive payments from overseas clients and need flexible currency exchange and cross-border payment capabilities.

• Technology or SaaS providers: With global operations and subscription models, they require automated batch payment collection to support recurring billing.

• Travel and education sectors: They need to process international payments for things like tuition, service fees, and travel expenses.

• Professional service firms: They need to open business accounts in multiple countries and project a professional image when invoicing and collecting payments from global clients.

Core features of third-party payment platforms　

1. Payment collections: These platforms offer a wide selection of popular payment options, so customers can pay however they want. For example, with Airwallex's payment solutions that span over 180 countries, businesses can price products in local currencies and let customers pay with their preferred method. This helps boost checkout rates and save on FX costs.

2. Currency exchange: Third-party platforms typically provide currency exchange services at more competitive rates than traditional banks. For instance, Airwallex offers FX fees as low as 0.2% above the interbank rate.

3. Cross-border payments and fund collections: With extensive global reach, these platforms let businesses send and receive international payments across multiple countries and currencies. This is ideal for Hong Kong businesses looking to expand overseas or pay global suppliers quickly and affordably. For example, GreenPrice, an unconventional retail network, used Airwallex’s international money transfer service to reduce transaction costs to just HK$2–3, saving a five-digit sum per month.

4. Risk management and fraud prevention: These platforms protect business finances with advanced risk controls like multi-layer authentication, data encryption, and real-time monitoring for suspicious activity.

5. Reconciliation: Third-party payment platforms can seamlessly integrate with leading cloud accounting software, automatically syncing transaction and settlement records to eliminate manual data entry and simplify financial reporting.

Types of third-party payment platforms

There are two major types of third-party payment platforms:

• Integrated payment platforms: These platforms offer a one-stop-shop for account management, API connections, and security, covering everything from payments and currency exchange to remittance and financial management. This is a great solution for fast-growing companies with frequent international transactions.

• Local cross-border remittance platforms: These platforms focus on fund transfers within Hong Kong and major countries. They support local payment options like bank transfers and popular digital wallets like WeChat Pay. While they are efficient for specific markets, their features are often limited to regional transactions and they lack advanced customisation.

Key considerations for Hong Kong businesses when choosing a third-party payment platform

When selecting a third-party payment platform, businesses should first check if it supports popular local payment methods like FPS, AlipayHK, and WeChat Pay to meet local consumer preferences. It’s also crucial to evaluate a platform's cross-border capabilities, such as whether it supports multi-currency settlement and automated FX conversion. This can foster smooth partnerships with international clients and cut down on FX and remittance costs.

Always choose a platform with transparent fees and terms. You should carefully review all costs related to collections, currency conversion, and withdrawals. Security and compliance are also critical. Look for a platform with reliable risk control and anti-fraud measures. Finally, check its integration capabilities – can it seamlessly connect with your accounting software or eCommerce platform? This will help you digitise and automate your financial workflow to support future business growth.

Top third-party payment platform in 2025

The best payment platforms in 2025 offer multi-currency collections, fast and affordable currency exchange, and international solutions for businesses of all sizes. Here's a quick comparison of Airwallex, Stripe, and PayPal.

Leverage Airwallex as your all-in-one global payments platform

Hong Kong businesses can apply for a free Airwallex Business Account online. After submitting your company's documents, applications can be approved in as little as 48 hours. Once you're set up, you can immediately open Global Accounts in multiple currencies, get Corporate Cards, and send international payments – all while integrating with your online store and global payment services. With Airwallex, you can embed the Checkout solution into your website, boosting conversion potential with multiple payment methods and currencies, while saving on processing fees.

Boost your global checkout conversion 

Airwallex automatically detects your customer's location, shows the amount in their local currency, and offers matching local payment methods. After receiving payments, you can use those funds in the original currency to pay suppliers or for software subscriptions in the same market, avoiding extra conversion fees.

Fast, cost-efficient currency exchange and international payments

With Airwallex’s FX and international payment services, you can save up to 80% on foreign exchange costs. You'll pay just 0.2% above the interbank rate to send money to over 200 countries and regions. About 95% of payments arrive within a few hours or the same day, helping you build trust with global suppliers through speedy, reliable settlements.

Security and compliance

Airwallex is regulated by the Hong Kong Customs and Excise Department and holds a Money Service Operator (MSO) licence. Its systems and procedures follow the highest global security standards, including PCI DSS Level 1, SOC 1, and SOC 2. It also has an advanced real-time fraud protection engine that scans every transaction to detect and prevent fraud, which helps businesses reduce financial risk.

Frequently asked questions

1. Are third-party payment platforms safe?

Leading third-party payment platforms in Hong Kong strictly follow data security standards like PCI DSS, SOC 1, and SOC 2. They protect both business and customer funds with multi-layer authentication, data encryption, and real-time risk monitoring. For example, Airwallex is regulated by Hong Kong Customs and Excise Department, holds a Money Service Operator licence, and meets the highest global security standards like PCI DSS Level 1.

2. Can third-party payment platforms replace traditional banks?

While third-party payment platforms cover core needs like payments, FX, batch transfers, and fund management, some services – like loans or specific investment products – still require a traditional bank. However, for most cross-border eCommerce businesses, these platforms already handle nearly all their day-to-day operational and financial needs.

Sources:

Information on third-party payment platforms was retrieved as of August 2025 from the sources below. Information provided is for reference only. Please refer to the official website of Stripe and PayPal for the most up-to-date details.

1. https://stripe.com/en-hk/pricing

2. https://www.paypal.com/hk/business/paypal-business-fees?#relevant

This article was prepared in August 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].