The Hong Kong Monetary Authority launched the Faster Payment System (FPS) on Sept. 17. The system, which runs 24/7, supports payments in Hong Kong dollar and the renminbi.
It enables local residents to make real-time transfers between banks or in stored value facilities faster and easier.
One only needs to enter the mobile phone number or email address of the recipient to effect the transfer.
I believe the FPS will be a game changer in the city’s payments market.
The system will not only facilitate transactions in the mobile payments market but also enable entrepreneurs and program developers to introduce other services based on the FPS.
The HKMA has also launched a free mobile application tool, the Hong Kong Common QR Code (HKQR), to promote the adoption of QR code payments in the territory.
The HKQR converts multiple QR codes from different payment service providers into a single, combined QR code.
This will enable merchants, especially small and medium-scale enterprises, to use a single QR code to accept different payment schemes, instead of offering multiple QR codes to their customers.
The HKMA may need to exert more effort to promote the new technology as many small merchants are still unaware of the new system and its benefits to their business.
This article appeared in the Hong Kong Economic Journal on Sept 26
Translation by Julie Zhu
[Chinese version 中文版]
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