Faster Payment System

Not to be confused with Faster Payments Service, a payment system in the UK.
Faster Payment System
Chinese: 快速支付系統
Other names轉數快
Developer(s)Hong Kong Monetary Authority
Initial release17 September 2018; 6 years ago (2018-09-17)
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]

  1. ^ "Implementation of a Faster payment System in Hong Kong" (PDF). Hong Kong Monetary Authority.
  2. ^ "Why HKMA's new faster payment system is a big deal". EJ Insight. 2018-09-19. Retrieved 2018-10-13.
  3. ^ "Hong Kong Plans Faster Payments System - PYMNTS.com". www.pymnts.com. 8 March 2018.
  4. ^ "Hong Kong Monetary Authority - The Launch of Faster Payment System (FPS)". Hong Kong Monetary Authority.
  5. ^ "FPS - Consumers - Overview". Hong Kong Interbank Clearing Limited.
  6. ^ "Hong Kong's banking majors scrap it out as cashless payment system goes live". South China Morning Post. Retrieved 2018-10-13.
  7. ^ "Hong Kong will take a huge step towards smart banking this week". South China Morning Post. Retrieved 2018-10-13.
  8. ^ Yuen, Simon. "HSBC's Faster Payment System kicks off on 30 September". Marketing Interactive. Retrieved 2018-10-13.