Finance:Faster Payment System
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
Cheap transfers
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
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
FPS supports payments in Hong Kong dollars (HKD) and Chinese Yuan Renminbi (CNY).[13]
Notable participants
Traditional banks
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E-wallet operators
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Incidents
October 2018
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 functions of top up to all e-wallets operators until security issue fixed.[14] 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
- Clearing House Automated Transfer System, the original (but still operational) RTGS system in Hong Kong
References
- ↑ "Implementation of a Faster payment System in Hong Kong". Hong Kong Monetary Authority. https://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb201809/fa2.pdf.
- ↑ "Why HKMA's new faster payment system is a big deal" (in en-US). EJ Insight. 2018-09-19. http://www.ejinsight.com/20180919-why-hkmas-new-faster-payment-system-is-a-big-deal/.
- ↑ "Hong Kong Plans Faster Payments System - PYMNTS.com". 8 March 2018. https://www.pymnts.com/news/b2b-payments/2018/hong-kong-monetary-authority-faster-payments/.
- ↑ "Hong Kong Monetary Authority - The Launch of Faster Payment System (FPS)". Hong Kong Monetary Authority. https://www.hkma.gov.hk/eng/key-information/press-releases/2018/20180917-3.shtml.
- ↑ "FPS - Consumers - Overview". Hong Kong Interbank Clearing Limited. https://fps.hkicl.com.hk/eng/fps/consumers/overview.php.
- ↑ "Hong Kong's banking majors scrap it out as cashless payment system goes live" (in en). South China Morning Post. https://www.scmp.com/business/banking-finance/article/2167040/hong-kongs-banking-heavyweights-scrap-it-out-business.
- ↑ 7.0 7.1 "Hong Kong will take a huge step towards smart banking this week" (in en). South China Morning Post. https://www.scmp.com/business/banking-finance/article/2164438/hong-kong-will-take-huge-step-towards-smart-banking-week.
- ↑ Yuen, Simon. "HSBC's Faster Payment System kicks off on 30 September" (in en-US). Marketing Interactive. https://www.marketing-interactive.com/hsbcs-faster-payment-system-kicks-off-on-30-september/.
- ↑ "Faster payment system pushes HK towards cashless society" (in en-US). EJ Insight. 2018-10-05. http://www.ejinsight.com/20181005-faster-payment-system-pushes-hk-towards-cashless-society/.
- ↑ "Transfer funds between Alipay and WeChat – but only in Hong Kong" (in en). South China Morning Post. https://www.scmp.com/business/banking-finance/article/2164584/fund-transfers-between-alipay-and-wechat-pay-around-corner.
- ↑ "450,000 Hong Kong customers register for new QR-code-based banking platform" (in en). South China Morning Post. https://www.scmp.com/business/banking-finance/article/2166256/450000-hong-kong-bank-customers-benefit-instant-qr-code.
- ↑ "The Launch of Faster Payment System". https://www.info.gov.hk/gia/general/201809/17/P2018091700743.htm.
- ↑ "Faster payment system launched in September" (in en-US). The Standard. http://www.thestandard.com.hk/section-news.php?id=193491&sid=2.
- ↑ "Hong Kong halts e-wallet auto topups after users reports of missing funds" (in en). South China Morning Post. 2018-10-26. https://www.scmp.com/business/banking-finance/article/2170183/hong-kong-halts-e-wallets-top-ups-after-users-reports.
- ↑ "Hong Kong Monetary Authority expects to uncover more cases of fraud as e-wallet losses double to HK$400,000". SCMP. 2018-10-30. https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2170803/hong-kong-monetary-authority-expects-uncover-more.
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