Senior cash service launched

April 27, 2018

Easy withdrawal:

Senior citizens can withdraw cash using their EPS bank cards at select post offices.

Convenient locations:

The service has been launched at seven post offices.

Financial inclusion:

The Monetary Authority said the EPS service boosts financial inclusion.

Download Video| Transcript

Voiceover:
Senior citizens can now withdraw cash using their EPS bank cards at select post offices by showing their Senior Citizen Card.

They can withdraw up to $500 each time and can use one EPS bank card twice a day.

Legislator Chan Chun-ying:
The withdrawal patterns of the senior citizens, they tend to withdraw only a small amount of money from banks. But now we have (a) convenience store network as well as post offices to join this scheme. And that suits their habit of (withdrawing) only a small amount of money, say $100 each time, so it's more convenient for them to withdraw more times from nearby locations that (are convenient) to them. 

Voiceover:
Before its launch, Hongkong Post had to ensure the system worked smoothly and was foolproof.
 
Postmaster General Gordon Leung:
Actually we had taken about two months' time (for) preparation to launch this service, which is actually a very compressed timetable as compared with, normally it would take about six months. Usually when customers come to use our postal service they will be paying money to Hongkong Post. But this time the service is the reverse - it's Hongkong Post giving out money to customers, so the system needs to be enhanced in terms of information technology as well as accounting systems to make sure that it is proper and foolproof. So this is the hardware part that we have done. On the software part, it is the training of our staff to make sure that the process is easy to use and we will be guiding the senior citizens to withdraw their money without any problem.

Voiceover:
The service been launched at seven post offices in accordance with operational considerations and the Monetary Authority's recommendations.

The elderly can now make EPS withdrawals at post offices in locations including Tsat Tsz Mui, Shun Lee, Cheung Chau and Tai O.

Monetary Authority Deputy Chief Executive Arthur Yuen said the service boosts financial inclusion and it will continue discussions with Hongkong Post to help improve banking services for seniors. 

Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen:
When proposing those locations to Hongkong Post, we basically use several criteria. First, those are remote areas, secondly, there are public housing estates in those areas, but most important of all, we judged that in those areas the coverage of basic banking services is not adequate and based on those criteria we proposed a number of sites to Hongkong Post and they have finally chosen these seven post offices for this service. Promotion of financial inclusion is a very dynamic concept because the locations where, in our judgement, the provision of basic banking services coverage may not be adequate, it actually changes all the time because there could be new public housing estates coming on stream, and so on an ongoing basis we will continue to discuss with Hongkong Post to see whether there are any other areas where promoting this service will be helpful for in particular elderlies living in those public housing areas in remote areas. 

Voiceover:
Hongkong Post said it will consider expanding the service to additional post offices according to market demand.

Hongkong Post has launched a new service that allows senior citizens to withdraw cash using their EPS bank cards at select post offices by showing their Senior Citizen Card.

The service is now available at seven post offices. They are Cheung Chau Post Office, Mui Wo Post Office, Peng Chau Post Office, Tai O Post Office, Shun Lee Post Office, Tin Yuet Post Office and Tsat Tsz Mui Post Office.

Elderly residents can withdraw up to $500 each time and can use one EPS bank card twice a day.

Legislator Chan Chun-ying said: "The withdrawal patterns of the senior citizens, they tend to withdraw only a small amount of money from banks. But now we have a convenience store network as well as post offices to join this scheme. And that suits their habit of withdrawing only a small amount of money."

Before its launch, Hongkong Post made sure the system worked smoothly and was foolproof.

Postmaster General Gordon Leung said Hongkong Post enhanced its information technology and accounting systems and also trained staff to ensure the service was easy to use.

Monetary Authority Deputy Chief Executive Arthur Yuen said the service boosts financial inclusion and it will continue discussions with Hongkong Post to help improve banking services for seniors.

Hongkong Post said it will consider expanding the service to additional post offices according to market demand.