BEIJING, Sept.20 (Xinhua) -- The Hong Kong Monetary Authority (HKMA) announced on September 17 the launch of Faster Payment System (FPS) that accepts Hong Kong Dollar (HKD) and renminbi (RMB) and operates on a round-the-clock basis.
The FPS is a real-time small amount payment system and it supports instant payment in HKD and RMB by using mobile phone numbers, email address or QR codes. Also, it allows funds transfer among various banks and stored value facilities (SVF), according to Norman Chan Tak-Lam, Chief Executive of the HKMA.
The launch of the FPS marks a new era for Hong Kong’s financial system, and it would also promote innovation in financial technology, Chan added.
It is noted that the FPS is one of the seven initiatives announced by the HKMA in September 2017 for facilitating Hong Kong towards Smart Banking.
HKMA on September 17 also launched the common QR Code standard for retail payment together with the launch of an associated mobile application tool, which is to standardize the QR code payments in Hong Kong.
Currently, a total of 21 banks and 10 SVFs in Hong Kong have participated in the FPS system, such as, Bank of China (Hong Kong), The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank Hong Kong, Alipay Hong Kong and Wechat Pay Hong Kong. (Edited by Jiang Feifan, Niu Huizhe)
A single purchase
