Other names | 轉數快 |
---|---|
Developer(s) | Hong Kong Monetary Authority |
Initial release | 17 September 2018 |
Website | Official 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]
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.
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]
FPS supports payments in Hong Kong dollars (HKD) and Chinese Yuan Renminbi (CNY). [13]
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]
Other names | 轉數快 |
---|---|
Developer(s) | Hong Kong Monetary Authority |
Initial release | 17 September 2018 |
Website | Official 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]
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.
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]
FPS supports payments in Hong Kong dollars (HKD) and Chinese Yuan Renminbi (CNY). [13]
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]