Octopus Cards Limited, the operator of Hong Kong’s ubiquitous contactless payment system, has unveiled a massive promotional campaign to entice the city’s senior citizens to spend more.
The “828 JoyYou Fest” will offer a staggering HK$8.28 million (US$1.05 million) in cash rebates over a two-week period, the company announced on Wednesday.
Starting August 28th and running through September 10th, JoyYou card holders – a version of the Octopus card tailored for those aged 65 and above – can receive an HK$8 (US$1.02) rebate for every HK$100 (US$12.70) spent at participating merchants, up to a maximum of HK$800 (US$102) per user.
“This promotion is specifically designed with the preferences of our elderly customers in mind,” said Octopus Cards CEO Sunny Cheung. “They contribute significantly to retail spending in Hong Kong, around HK$2 billion (US$254 million) per month.”
Over 60 major chains, including Café de Coral, PARKnSHOP, and Japan Home Center, have signed on to offer flash sales and discounts at more than 3,500 locations across the city.
Cardholders can redeem their rebates by tapping their JoyYou cards through the Octopus Mobile App or at designated service points starting this Saturday.
The move comes as Octopus looks to expand the usage of its cards beyond public transportation, the system’s traditional bread and butter. The company also plans to launch a virtual JoyYou card that can be used on smartphones and smartwatches in the fourth quarter of this year.
“This is an exciting opportunity to boost consumer spending and potentially turn the JoyYou Fest into an annual tradition,” Cheung added.
Lawmaker Peter Shiu Ka-fai, who chairs the Legislative Council’s Panel on Financial Affairs, welcomed the initiative, noting that 31.4% of Hong Kong’s population already uses the JoyYou Card.
“The growing user base could open up new business avenues for various sectors,” Shiu said. “I look forward to seeing the impact of this promotion.”
