The Hong Kong Monetary Authority has recently introduced the Faster Payment System (FPS), which aims to facilitate fund transfers.
So far 21 commercial banks and 10 stored value facilities (SVF) have joined the system, which was launched on Sept. 30.
By registering one’s mobile number or email address on the mobile app offered by any one of these banks and SVFs as their account number, one can to make or receive payments through FPS.
I have tried the FPS by linking my mobile number to my bank account and have found the process of making bank transfers very convenient indeed.
However, those who are not accustomed to online banking may need some time to get used to it.
Some people are worried about the security of transactions. In fact, there are risks in any online banking or mobile app transaction, if there is no proper security system installed in our mobile phone or computer.
This article appeared in the Hong Kong Economic Journal on Oct 5
Translation by Julie Zhu
[Chinese version 中文版]
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