Octopus Has Legs
Evan Ramstad reports in the Wall St. Journal on the success the Hong Kong Octopus e-money card has had.
About 1% to 2% of all cash transactions in the city are made with the card, says Octopus Card Ltd., a joint venture of the transit agencies that operates the card. "Our business assumption is we're going to compete with cash," says Eric Tai, the venture's chief executive.Octopus is a stored-value card and behaves like a debit card. Money is subtracted when the card is held over a reading device, which is a low-range radio transmitter that can be incorporated into doors, turnstiles and countertops. Because reading devices can detect a card through leather and plastic, many people never remove their card but rather wave their purse or wallet over the reader. There is even a $35 Octopus wristwatch, with the card technology built in. Funds can be added to the cards at machines in subway stations, convenience stores and via an automatic draw from a bank account.
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