Learn more about Multi-purpose Stored Value Facilities!
Avo eWallet Protection and Avo eWallet Protection mini cover multi-purpose SVF. So, what is a multi-purpose SVF?
According to the Hong Kong Monetary Authority (HKMA), multi-purpose SVFs can be classified into physical ones (e.g. prepaid cards) and non-physical ones (e.g. e-wallets). Physical ones are prepaid cards issued by licensed SVFs, and electronic ones are non-physical wallets operating in the form of a network.
These can be used as monetary storage or used to pay for goods or services – either to the issuer and third parties, and/or for person-to-person payments. (aka P2P payment transfer)
The major difference between multi-purpose SVFs and single-purpose SVFs is that single-purpose SVFs can only be used to pay for goods or services provided by individual issuers. Single-purpose SVFs do not fall under the HKMA's regulatory scope of the tool licensing system. These are prepaid contracts between users and issuers. Common examples are prepaid coupon, prepaid cards in coffee shops or prepaid functions in apps.
You may refer to the Policy Wordings for more details.