The Faster Payment System (FPS) will fully launch on September 30 when banks and stored value facility operators participating in the system start introducing services to enable customers to make and receive real-time payments, the Monetary Authority announced today.

Officiating at the Faster Payment System Activation Ceremony today, Financial Secretary Paul Chan said: "I am pleased to witness the start of a new era for Hong Kong's retail payment system. The launch of the FPS marks a key step forward in developing Hong Kong into a smart international financial centre."  

The system is one of the Monetary Authority’s seven initiatives announced in 2017 to move Hong Kong into a new era of Smart Banking.

Upon going into full production on September 30, users can enjoy instant payment service round-the-clock with full connectivity that supports both the Hong Kong dollar and the renminbi.

It connects banks and stored value facility (SVF) operators on the same platform, enabling the public to make instant transfer of funds anytime, anywhere, across different banks or SVFs with the use of the mobile number or email address of the payee.

The system is also free of charge for small-value transfers.

The public can use mobile apps of participating banks and SVFs to register their mobile phone number or email address with the system as an account proxy for receiving funds.

So far, over 450,000 registrations have been recorded.

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