Park'N Shop, Hong Kong's largest supermarket chain, has agreed to accept Visa Cash stored-value cards.

Visa International's Asia-Pacific regional office announced the signing Aug. 20 with Bank of China (International) Ltd., the merchant-acquiring bank for 170-store Park'N Shop.

Bank of China is also actively promoting its own issuance of Visa Cash.

The Visa chip card and Hongkong and Shanghai Banking Corp.'s competing Mondex program have had significant early successes in Hong Kong, a market seen as especially receptive to new technologies.

"With the addition of major retailers like Park'N Shop, Visa Cash acceptance is becoming a regular, convenient, efficient, and reliable part of everyday life in Hong Kong," said Visa Asia-Pacific executive vice president Raymond Chan. "We are also laying the foundation for a true multifunction chip card" to include credit, debit, stored-value, and shopper-loyalty services.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.