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Faster Payment System

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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]

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 Chinese Yuan 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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  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. ^ a b "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.
  9. ^ "Faster payment system pushes HK towards cashless society". EJ Insight. 2018-10-05. Retrieved 2018-10-13.
  10. ^ "Transfer funds between Alipay and WeChat – but only in Hong Kong". South China Morning Post. Retrieved 2018-10-13.
  11. ^ "450,000 Hong Kong customers register for new QR-code-based banking platform". South China Morning Post. Retrieved 2018-10-13.
  12. ^ "The Launch of Faster Payment System". www.info.gov.hk. Retrieved 2018-10-13.
  13. ^ "Faster payment system launched in September". The Standard. Retrieved 2018-10-13.
  14. ^ "Hong Kong halts e-wallet auto topups after users reports of missing funds". South China Morning Post. 2018-10-26. Retrieved 2018-10-27.
  15. ^ "Hong Kong Monetary Authority expects to uncover more cases of fraud as e-wallet losses double to HK$400,000". SCMP. 2018-10-30. Retrieved 2019-01-14.
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