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As its name suggests, the Faster Payment System (FPS) is an infrastructure that supports full connectivity between banks and stored value facilities (SVF), commonly known as e-wallets. This is one of the HKMA’s seven initiatives to move Hong Kong into a New Era of Smart Banking.

For a long time, small-value fund transfers across different banks may take a few days and could entail transfer charges.  Despite electronic payments becoming more and more popular in recent years, transfer between banks and e-wallets are hardly available while fund transfers between e-wallets are not available at all.

FPS solves all these problems in one go. With FPS, consumers can now make or receive instant payments to or from individuals, merchants or businesses through a registered mobile phone number, an e-mail address or a QR code.

 

FPS is operated by the Hong Kong Interbank Clearing Limited. Majority of retail banks and e-wallet operators have participated to provide instant payment service. The public can use the FPS service through the online platforms/mobile apps of participating banks and e-wallet operators, e.g. register their mobile phone number or e-mail address with the FPS as an account proxy for receiving funds, and carry out transfers and make payments. Consumers may approach participating banks and e-wallet operators for details.

 

Visit the FPS website to learn more:

 

10 October 2018