Faster Payment System (Hong Kong)

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Not to be confused with Faster Payment System (United Kingdom) or Faster Payment System (Russia).
Faster Payment System
Chinese: 快速支付系統
Other names轉數快
DeveloperHong Kong Monetary Authority
Initial release17 September 2018; 7 years ago (2018-09-17)
Repository
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    WebsiteOfficial website

    Faster Payment System (FPS; Chinese: 快速支付系統, more commonly known as 轉數快) is a real-time gross settlement[1] payment system in Hong Kong that connects traditional banks and electronic payment and digital wallet operators.[2] Users are able to perform instant money transfer or make payment to merchants by using the recipient's phone number, e-mail or QR code that contains the user's numeric identifier.[3][4] Using the "traditional way" of full name and account number to make interbank transfer is also allowed.[5][6]

    The system was implemented by the Hong Kong Monetary Authority and operated by Hong Kong Interbank Clearing Limited (HKICL). It was launched for pre-registration on 17 September 2018.[7] Transfers and payments is available since 30 September 2018.[8]

    Features

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    Cheap transfers

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    Traditional interbank transfers required payment of fees between 50 HKD and 200 HKD, or a waiting time of up to two days before the payment clears. FPS provides an instant,[9] round-the-clock[10] and cheap way of transferring funds.[7] For personal banks accounts, interbank fund transfer through FPS is normally free of service charges.

    Payment by QR code

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    Participants in the FPS share a common standard for the QR code which allows paying to merchants using a variety of payment methods like bank cards, stored value facilities or direct debit from bank accounts.[11]

    HKMA has released a tool for merchants to convert QR codes from different payment providers into a single standard QR code.[12]

    Currencies

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    FPS supports payments in Hong Kong dollars (HKD) and Renminbi (CNY).[13]

    Notable participants

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    Incidents

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    October 2018

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    After 3 weeks of launching FPS in Hong Kong, there were several cases of fraud reported to Hong Kong Police that involved a combined loss of HKD 180,000 to customers. After the incidents were found, HKMA suspended the top up function of all e-wallets operators until the security issues were fixed.[14] A few days later, it was revealed that more than 10 suspected cases were reported and the loss was surged to HKD 400,000.[15]

    See also

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    References

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