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The Octopus card is a rechargeable contactless stored value smart card used to transfer electronic payments in online or offline systems in Hong Kong. more...

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Originally launched in September 1997 to collect fares for the city's mass transit system, the Octopus card system has grown into a widely used payment system for virtually all public transport in Hong Kong. It is also used for making payment at convenience stores, supermarkets, fast-food restaurants, on-street parking meters, car parks, and many other point-of-sale applications such as service stations and vending machines. In addition, the system is used for access control to offices, schools and apartments. Some charities even accept Octopus cards for donations. Making a payment involves placing the card in close proximity to an Octopus card reader; a tone from the reader will confirm that the merchant has received funds. Cards can be recharged with cash at add-value machines in subway and rail stations, in over-the-counter in stores such as 7-Eleven, Wellcome, and Circle K, or directly through credit cards and bank accounts.

Octopus has become one of the world's most successful electronic cash systems, with over 14 million Octopus cards in circulation (twice Hong Kong's population), ten million transactions per day, 420 service vendors, and 50,000 processors. The operator of the Octopus system, Octopus Cards Limited, is a joint venture between MTR Corporation and other transport providers in Hong Kong namly Kowloon-Canton Railway Corporation (KCRC), Kowloon Motor Bus (KMB), Citybus and New World First Bus Services Limited (NWFB). Octopus's international arm, Octopus Knowledge Limited, has won a contract to export Octopus-style systems to the Netherlands.

Name and logo

The Cantonese name for the Octopus card, Baat3 daat6 tung1 (Traditional Chinese characters: 八達通 ; Simplified: 八达通), literally means “eight-place pass”. It was selected by the head of the MTR Corporation, the parent company of Octopus Cards Limited, in a naming competition held in 1996. Eight is a significant number in Chinese in that it is often used to indicate “many”. For instance, the phrase sei3 tung1 baat3 daat6 (四通八達 ), literally meaning “four throughfares, eight reachables”, is a common expression meaning “reachable in all directions”. Eight is also considered a lucky number in Chinese culture. The English name “Octopus card” is derived from the use of the number eight since an octopus has eight tentacles. The name is also particularly appropriate since “octopus” has the connotation of being able to grab many things at the same time and this ability is conferred upon its cardholders who can use it in many different transactions.

Read more at Wikipedia.org