Hong Kong's finance chief Paul Chan said that the government is unlikely to regularise the spending voucher scheme.
Chan said on Monday that the second phase of the scheme will be distributed on July 16. The vouchers can be applied for from June 5 to June 27.
How can cash-reliant businesses use the cashless trend in HK?
Chan said that the handing out of spending vouchers in the future will depend on the economic, social, and people's livelihood conditions at the time.
We have distributed spending vouchers as part of our economic recovery efforts to mitigate the impact of the Pandemic. Since our borders were reopened, tourists have returned.
The vouchers were supposed to boost the economy during the Pandemic, but it will be hard to distribute them regularly in the future.
The first part of this year's consumption voucher scheme was made available to 6.4 million Hong Kongers through PayMe from HSBC and WeChat Pay HK. This is the third year in a row that the Hong Kong government has moved to increase the acceptance of cashless payments in Hong Kong.
Each eligible resident was allowed to receive e-coupons worth HK$5,000. The amount was increased to HK$10,000 last year in order to encourage spending.
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The cashless trend in HK can be used by cash-reliant businesses. According to a survey, over half of Hong Kongers spend consumption vouchers on PayMe and BOC Pay to join the next phase of the scheme.
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