May 19th, 2009
08:22 AM GMT
Share this on:

HONG KONG, China — The Chinese banner above a modest Hong Kong store reads, "Time Coupon Place."

The 'money' that buyers use at the 'Time Coupon Place' in Hong Kong.
The 'money' that buyers use at the 'Time Coupon Place' in Hong Kong.

It makes you wonder what this store sells. Does it sell clocks? Does it sell watches? No, not exactly. It literally buys and sells time through the old-fashioned art of bartering.

But there is more. I soon learn that the store is really a platform for creative buying and selling.

I walk into the store and am surrounded by a hodgepodge of items. Shelves are jammed with toys and used books. There are crates of vegetables for sale - eggplants, spinach, string beans. There is a table piled high with second-hand clothes, like denim jeans and cotton shirts.

Talk about a mixed bag. This is not your ordinary second-hand store. This is a time coupon store. It is a place that uses a combination of cash and time coupons as its currency. A time coupon looks like play money from the Monopoly board game. In this case, time coupons come in the value of minutes - from 1, 5, 10, 30 and 60 minutes.

Here is how it works:  If I agree to tutor someone in English for 30 minutes, I can earn a 30-minute time coupon. Then, for example, I can come to the store and buy a wooden toy boat with the 30-minute time coupon. The actual price tag has an hourglass symbol with the number "30" next to it.

This boat's price tag has an hourglass symbol with '30,' meaning you need a 30-minute coupon to buy it.
This boat's price tag has an hourglass symbol with '30,' meaning you need a 30-minute coupon to buy it.

Only a few time coupon stores exist in Hong Kong. Community organizers and NGOs came up with the idea in a bid to help local families save money. The first time coupon store launched here in 2001 with a few members. (It is easy to become a member. You pay a small membership fee and sit through an orientation class to learn how time coupons work. Anyone can join.)

But in the past six months, 120 new members have joined, pushing up the total membership to 1,200. It is a significant spike, which community organizers attribute to the current global recession. You can also earn time coupons by donating used items that other members might want. This explains the random assortment of stuff around the store.

On the day I visited, I noticed the most popular items were organic vegetables. A farmer had rolled in a cart of fresh vegetables straight from her organic farm in the New Territories, which is across the harbor from Hong Kong island. A few customers hovered over the different crates - pulling, picking and squeezing the greens. Each vegetable is priced with a combination of time coupons and cash. For example, a bunch of eggplants and spinach might cost a 11-minute time coupon and 7 Hong Kong dollars (about US$1). Not a bad deal!

The old-fashioned idea of bartering skills, services and personal items seems to be the new practical "trend." In Argentina, barter clubs are gaining popularity. The barter clubs started there in 2002 after Argentina's economy took a dive. Then they sort of faded away and now they are enjoying another surge in this recession.

Back at the Hong Kong time coupon store, a woman quietly works at a sewing machine in the back corner. She is creating fabric handbags that are a nice patchwork of different colors. The handbags are sold at the front of the store. The community organizer says the handbags are quite popular with the expatriates who wander into the store. The seamstress splits the proceeds with the time coupon store in yet another creative way of doing business.

As I exit the store, I appreciate the idea of a different kind of currency. Time has value. Time is money. But here is the added bonus: community involvement.

soundoff (9 Responses)
  1. Steve Clothier

    A very encouraging way to live and work productively together, using an alternative to our long established monetary system – which itself is proving a little temparamental presently.

    In a very different country, Switzerland, they also have a similar long standing system for bartering work "off the books" which is called WIR. There are even WIR banks, you can buy houses with WIR and exchange services for WIR especially during times of financial austerity (a reality in recent Swiss history which is not often associated with the popular image of Switzerland). WIR is still very much alive but one very big problem such systems have is that once they get known, they often run into problems of employment legislation. They are seen as black market systems for performing work for reward. The minute this happens of course, questions of tax, social insurance, minimum wage, liability and job protection can flare and may need to be accommodated. In Switzerland WIR has integrated with normal society and addressed these problems – as a result it has saved a lot of misery especially in small communities.
    Hong Kong seems a far cry from Switzerland, but as with many huge agglomerations, probably also has local close communities, maybe as tightly bound as those of the Swiss valleys. As long as there is a local supply and demand this kind of scheme works. The internet could extend this supply-demand model and make it work amongst "On line" communities within population areas. Viva the bartering revolution!

    May 20, 2009 at 5:24 am |
  2. Andreas

    "the New Territories, which is across the harbor from Hong Kong island."

    Not quite. Kowloon is across the harbor. The New Territories are beyond Kowloon. This might seem nitpicky but it is an important distinction for residents.

    May 20, 2009 at 1:17 pm |
  3. Tom

    I live in HK and would love to visit one of these stores. Can you please tell me their locations?

    May 20, 2009 at 3:09 pm |
  4. David Chua

    This story is interesting, but how is the use of time coupons started? It doesn't make sense to be bartering something that has the same value as money, unless 'time' can be used for other things that money cannot replace.

    May 20, 2009 at 9:16 pm |
  5. Jonathan

    Since Time is money, why did anyone want to go to the shop to find what he wants when he can gets what he wants in a normal budget store.

    May 24, 2009 at 1:01 am |
  6. jaderdavila

    i sure loved the idea
    everyone has a skill, something that the person dont use anymore
    or simply got time and wants to do something with others

    May 29, 2009 at 7:55 pm |
  7. Roof Helmet 

    organic farms will be the trend of the future coz we don't like artificial stuffs inside our body:`'

    October 20, 2010 at 9:00 am |
  8. Loan For people with poor credit

    It is appropriate time to make a few plans for the future and it's time to be happy. I have learn this publish and if I may I desire to counsel you some interesting things or advice. Maybe you could write subsequent articles referring to this article. I want to read more things approximately it!

    July 5, 2012 at 5:10 pm |
  9. icon library

    Also that we would do without your remarkable phrase

    November 2, 2012 at 1:03 am |

Post a comment


CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.

About Business 360

CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

Powered by VIP