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Faster Payment System (Hong Kong)

The Faster Payment System (FPS) is a real-time payment platform in that connects all licensed banks and stored-value facility (SVF) operators, enabling users to transfer funds instantly across institutions using proxy identifiers such as mobile phone numbers, email addresses, or QR codes, with support for both Hong Kong dollars (HKD) and (RMB) on a 24/7 basis. Launched on September 17, 2018, by the Hong Kong Monetary Authority (HKMA) and operated by Hong Kong Interbank Clearing Limited (HKICL), the FPS was designed to modernize retail payments by replacing slower traditional methods like cheques and batch transfers with immediate, convenient alternatives. It settles HKD transactions through the HKMA and RMB transactions via Bank of China (Hong Kong), ensuring secure and efficient processing under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO). Key features include proxy registration for simplified identification, support for person-to-person (P2P), person-to-business (P2B), and business-to-business (B2B) payments, as well as direct debit functionalities, with transaction limits varying by participating institution rather than a system-wide cap. Since its inception, FPS adoption has grown rapidly, with registrations increasing from over 2 million at the end of 2018 to 13.6 million by the end of 2023 and reaching 15.8 million by the end of 2024, reflecting widespread use in everyday transactions. By early 2022, average daily transaction volumes had surged to 831,000, totaling approximately HK$6.3 billion in HKD and RMB 200 million, underscoring its role in reducing reliance on cash and enhancing . Recent developments include the June 2025 launch of Payment Connect, a cross-border linkage with China's Banking Payment System (IBPS), allowing real-time remittances up to HK$10,000 daily and HK$200,000 annually per person, further integrating 's payments ecosystem with the mainland. This expansion builds on FPS's foundational success in fostering a more efficient, inclusive, and innovative payment landscape in .

Background and Launch

Development and Introduction

The Faster Payment System (FPS) in was conceptualized by the (HKMA) in 2015 as part of the initial initiative, aimed at leveraging technology to modernize urban infrastructure, including retail payment systems. This conceptualization aligned with the establishment of the on Strategic Development's Smart City Committee in September 2015, which laid the groundwork for broader efforts. The subsequent Blueprint, published in December 2017, explicitly included FPS as a key initiative under the "Smart Living" domain to foster a more connected and efficient payment ecosystem. The primary objectives of FPS were to facilitate real-time, 24/7 interbank transfers and interactions with stored-value facilities (SVFs), thereby diminishing dependence on traditional cash, cheques, and slower clearing mechanisms such as the . By enabling seamless connectivity across banks and e-wallets, the system sought to enhance payment convenience, promote , and support Hong Kong's role as an financial center. These goals addressed longstanding gaps in payment , particularly following the regulatory amendments to the Payment Systems and Stored Value Facilities Ordinance (PSSVFO) in November 2015, which expanded oversight to include SVF operators. Under the regulatory framework, is operated by the Hong Kong Interbank Clearing Limited (HKICL) with direct oversight from the HKMA, ensuring compliance with the PSSVFO for safety, efficiency, and settlement finality. Participation was mandated for all licensed banks and major SVF issuers to achieve comprehensive market coverage from inception. The development timeline commenced with project initiation in April 2016, followed by confirmation of functional requirements in December 2016 and formal approval in February 2017. Industry-wide testing occurred from June to September 2018, culminating in the official announcement of as one of seven Smart Banking initiatives in September 2017.

Initial Implementation

The Faster Payment System (FPS) officially launched on September 17, 2018, under the oversight of the (HKMA), with an initial focus on enabling instant (HKD) transfers using proxy identifiers such as mobile phone numbers and email addresses. This rollout commenced with a two-week pre-registration period for payees, allowing users of participating institutions to link their accounts to these proxies ahead of full activation. On September 30, 2018, the system entered operational mode, primarily supporting person-to-person () transfers across banks and stored value facilities (SVFs), providing 24/7 real-time settlement and marking a significant upgrade from traditional batch-processed payments. Prior to go-live, the FPS underwent rigorous testing involving 21 licensed banks and 10 SVFs to validate , , and processing efficiency among diverse participants. This pre-launch phase identified and resolved integration hurdles, such as aligning varying institutional systems with the central FPS platform operated by Hong Kong Interbank Clearing Limited (HKICL), ensuring seamless proxy resolution and fund transfers without risks. The testing emphasized for high-volume transactions, drawing on simulations of peak usage scenarios to mitigate potential bottlenecks in the initial deployment. The rollout adopted a phased approach, beginning with core capabilities to build user familiarity and adoption, before expanding to person-to-business (P2B) and (B2B) functionalities by the end of 2018. This progression allowed merchants and corporations to register IDs for receiving payments, integrating FPS into retail and wholesale operations while maintaining with existing banking channels. Early post-launch adjustments included enhancements to user interfaces across participating apps to streamline lookups and handling, based on from the initial registration surge of over 450,000 users. Among the first integrations was support for QR codes, introduced in September 2018 via the Common QR Code (HKQR) standard, which enabled dynamic and static QR scanning for simplified and P2B transactions at point-of-sale. This feature, developed in parallel with , allowed a single QR code to be processed across multiple providers, reducing fragmentation in merchant acceptance. The system also supported (RMB) transfers from launch, enabling instant multi-currency payments using the same proxy mechanisms and aligning with Hong Kong's role as a dual-currency financial hub. These additions addressed initial limitations in payment initiation methods, fostering broader ecosystem participation without disrupting core operations.

System Features

Payment Mechanisms

The Faster Payment System () in facilitates user interactions primarily through proxy registration, allowing individuals to link their bank or stored value facility (SVF) accounts to identifiers such as numbers, addresses, or FPS identifiers for simplified recipient identification. This process eliminates the need to share sensitive account details during transfers, enhancing and . Users these proxies via their banking or e-wallet applications or banking platforms, often requiring through one-time passwords or other methods. Multiple proxies can be associated with a single account, with the option to designate a default for receiving payments, enabling seamless person-to-person () and person-to-business (P2B) transactions across participating institutions. QR code payments represent another core mechanism in FPS, supporting both dynamic and static QR codes generated by recipients for quick scanning and payment initiation. Dynamic QR codes, which can include variable details like amounts, are commonly used for and P2B payments, while static ones suit P2P transfers where the code remains consistent. Users scan these codes using their banking or e-wallet apps, which automatically populate the recipient's or information, streamlining for in-store, online, or remote payments. This technology integrates with the QR Code (HKQR) standard, promoting compatibility across FPS participants and reducing the complexity of handling multiple proprietary codes. App-based transfers form the backbone of FPS accessibility, integrating directly with mobile applications from over 20 licensed banks and more than 10 SVFs to enable instant payment initiation. Users enter the recipient's proxy identifier or scan a within the app, review a masked preview of the payee's name and the transfer amount, and confirm the transaction, which processes in on a 24/7 basis. This method supports both HKD and RMB transfers, with funds credited almost immediately to the recipient's linked account. Interoperability is a defining feature of FPS, ensuring seamless connectivity among participating banks and SVFs for cross-institution transfers without the need for intermediary routing. Operated by Hong Kong Interbank Clearing Limited (HKICL), the system links these entities through a centralized , allowing users of one 's app to send funds directly to an account at another or SVF using standard proxies or QR codes. This account-to-account model fosters a unified ecosystem, reducing fragmentation and enabling efficient, real-time settlements across the network.

Transaction Specifications

The Faster Payment System (FPS) in enables real-time settlement of transactions through the infrastructure operated by Hong Kong Interbank Clearing Limited (HKICL), a private entity owned by the (HKMA) and the Hong Kong Association of Banks. This setup supports instant interbank and e-wallet transfers, with funds typically credited to the recipient's account within seconds. The system functions on a 24/7/365 basis, independent of banking hours or holidays, leveraging the HKMA's (RTGS) system for HKD finality and Bank of China (Hong Kong) for RMB. FPS transactions are conducted in Hong Kong dollars (HKD) and renminbi (RMB), with support for both currencies since the system's launch in September 2018, allowing multi-currency transfers while maintaining non-interoperability between HKD and RMB ledgers within the system. Transaction limits are established by individual participating banks and stored value facilities (SVFs) based on their business models and policies, as no overarching caps are imposed by HKICL or HKMA. For unregistered payees—those without a linked FPS ID such as a mobile number or —the default daily limit is typically HK$10,000. Registered payees, however, can receive up to HK$1,000,000 per day, with institutions allowing customers to customize these thresholds to suit their needs. Regarding costs, FPS employs a flexible fee structure determined by each or SVF, promoting accessibility for everyday use. Most (P2P) transfers are free up to specified limits, such as the HK$10,000 default, to encourage adoption among consumers. Higher-value P2P transfers or (B2B) payments may incur low fees, often ranging from HK$0 to HK$15 per transaction, depending on the provider and amount. Receiving funds via FPS is universally free across all participants, with no charges applied to the recipient.

Participants

Licensed Banks

The Faster Payment System (FPS) in Hong Kong relies on licensed banks as settlement participants to form its foundational infrastructure, enabling real-time interbank transfers. As of November 20, 2025, 145 licensed banks participate in FPS, including prominent traditional institutions such as The Hongkong and Shanghai Banking Corporation Limited (HSBC), Bank of China (Hong Kong) Limited, and Standard Chartered Bank (Hong Kong) Limited, alongside three virtual banks: Airstar Bank Limited, Fusion Bank Limited, and Mox Bank Limited. Of the approximately 151 licensed banks in , 145 participate in FPS. These banks serve as core settlement participants under the oversight of the (HKMA), handling the clearing and final settlement of transactions through integration with the Automated Transfer System (CHATS). Most offer comprehensive send and receive capabilities for payments in both dollars (HKD) and (RMB), supporting real-time processing 24/7 with transaction limits up to HK$10 million per transfer. This setup positions banks as essential for facilitating high-value domestic and cross-border payments, including linkages to regional systems like Thailand's PromptPay and Mainland China's Internet Banking Payment System via Payment Connect. HKMA has required or strongly encouraged all licensed banks to join FPS since its full rollout, achieving near-universal coverage among deposit-taking institutions by . Virtual banks, granted licenses beginning in and becoming operational from onward, have expanded participation, with three now fully integrated to enhance accessibility and within the system.

Stored Value Facilities and E-Wallets

Stored Value Facilities (SVFs) and e-wallets represent non-bank participants in Hong Kong's Faster Payment System (FPS), enabling seamless digital payments for consumers and merchants. These entities, licensed under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584), which took effect on November 13, 2015, with licensing commencing in 2016, focus on facilitating convenient, low-value transactions in everyday scenarios such as retail purchases and transfers. As of November 2025, there are 11 non-bank SVF licensees regulated by the (HKMA), including prominent operators such as Financial Services (HK) Limited (AlipayHK), Hong Kong Limited, Octopus Cards Limited, HKT Payment Limited (operating Tap & Go), and by . Ten of these SVFs actively participate in as clearing participants: 33 Financial Services Limited, Financial Services (HK) Limited, Autotoll Limited, ePaylinks Technology Co., Limited, HKT Payment Limited, Octopus Cards Limited, , UniCard Solution Limited, Hong Kong Limited, and Yintran Group Holdings Limited. All major SVFs had joined by 2019, enhancing the system's reach for mobile and contactless payments. SVFs and e-wallets primarily support low-value, everyday transactions, leveraging technologies like QR codes and (NFC) for retail environments, including point-of-sale payments and online purchases. Users can store value in these wallets up to HK$10,000 for verified accounts, subject to due diligence requirements under HKMA guidelines, which exceed the HK$3,000 limit for unverified device-based SVFs. Transactions are float-funded through transfers from linked bank accounts via FPS, allowing top-ups without holding full deposits, thereby promoting efficient management.

Cross-Border Capabilities

Payment Connect Initiative

The Payment Connect Initiative, launched in 2025, establishes a direct linkage between Hong Kong's Faster Payment System (FPS) and Mainland China's Internet Banking Payment System (IBPS), facilitating real-time person-to-person () cross-border remittances between the two regions. Announced on June 20, 2025, by the (HKMA) and the (PBoC), the service became operational on June 22, 2025, aiming to enhance payment efficiency and convenience for residents and businesses while promoting financial integration under the Greater Bay Area framework. The mechanics of Payment Connect enable seamless transfers using proxy identifiers such as numbers, addresses, or identifiers, without requiring traditional details or additional for eligible transactions. This builds on the proxy ID framework of the domestic , allowing users in to send funds to recipients via participating institutions, with real-time settlement occurring through the linked systems. The process supports instant notifications and confirmations, reducing times from days to seconds and minimizing intermediary fees. Transactions under Payment Connect support both Hong Kong dollars (HKD) and (RMB), with automatic currency conversion applied at prevailing bank rates when necessary. To manage risk and ensure stability, limits differ by direction: for northbound transfers (Hong Kong to ), HKD 10,000 daily and HKD 200,000 annually per person; for southbound transfers ( to Hong Kong), USD 50,000 annual equivalent per person with no daily limit. These limits apply to individual remittances, excluding corporate or bulk payments, and are subject to potential adjustments based on regulatory reviews. All licensed banks and stored value facility (SVF) operators participating in FPS are eligible to join Payment Connect, broadening access over time. The initial rollout on June 22, 2025, involved six institutions from each jurisdiction, including major cross-border banks in Hong Kong such as Bank of China (Hong Kong) Limited, HSBC, Hang Seng Bank, and Bank of East Asia, which prioritized integration for their retail customers. Subsequent expansions have increased participation, with 20 institutions in Hong Kong as of November 2025.

Broader Regional Links

The Faster Payment System (FPS) in extends its reach beyond domestic and Mainland China-focused linkages through targeted integrations with payment ecosystems, positioning the city as a key node in regional financial connectivity. A notable initiative is the bilateral linkage with Thailand's PromptPay, launched on December 4, 2023, by the (HKMA) and the . This FPS x PromptPay arrangement enables real-time cross-border payments for travelers and merchants, allowing users to scan Thai PromptPay QR codes via FPS-compatible apps and vice versa, without fees at participating outlets. The service supports low-value retail transactions, enhancing convenience for and small-scale between the two economies. FPS is also aligned with Project , a multilateral () Innovation Hub project to interconnect domestic systems across +3 economies. Piloted in 2023 with participants including Singapore's , Thailand's PromptPay, Indonesia's BI-FAST, Malaysia's DuitNow, and the ' InstaPay, the initiative standardizes APIs for seamless, low-cost cross-border retail payments. Although is not a core ASEAN participant, the HKMA has highlighted potential integration of FPS into Nexus to expand , with the platform advancing toward live operations in 2026 to serve over 1.7 billion people in the region. On the global front, FPS employs the messaging standard since its 2018 launch, ensuring structural compatibility with international protocols and facilitating prospective linkages to networks like , which completed its ISO 20022 migration for cross-border payments in November 2025. This alignment supports richer data exchange and scalability for remittances and beyond . These integrations underscore Hong Kong's ambitions to solidify its status as a hub, streamlining regional remittances and reducing costs for migrant workers and businesses across and global corridors.

Security and Incidents

Early Fraud Events

In the initial months following the launch of the Faster Payment System () on September 30, 2018, several incidents emerged, primarily involving the unauthorized setup of e-wallet accounts using stolen personal identities. Fraudsters exploited vulnerabilities in the registration process by using pilfered numbers and bank details to create fake accounts with e-wallets such as AlipayHK, , and HK, enabling automatic top-ups via FPS's electronic authorization (eDDA) feature. These scams allowed perpetrators to siphon funds from victims' bank accounts without their knowledge, with reported tactics including the use of the new proxy ID system—such as mobile numbers or email addresses—to facilitate quick transfers and obscure account linkages. Additionally, some cases involved social engineering where fraudsters posed as merchants or acquaintances to solicit QR code-based payments through FPS, capitalizing on the system's capabilities shortly after rollout. By late October 2018, the (HKMA) had confirmed more than 10 suspected cases, with total losses exceeding HK$400,000—doubling from an initial HK$180,000 across the first three reported complaints. Individual incidents ranged from several thousand dollars to as high as HK$100,000, highlighting the scale of exploitation in the system's nascent phase. The launched investigations into these identity theft-related frauds, leading to arrests in connected cases as authorities traced the stolen data, often sourced from prior data breaches like job application leaks. In response, the HKMA directed e-wallet operators to immediately suspend high-risk features, including the autopay and top-up functions, on , 2018, to prevent further unauthorized transactions. This temporary halt affected services like automatic transfers to cards and other stored-value facilities, with operators required to review and strengthen their procedures. E-wallet providers also committed to reimbursing affected victims for the losses. To address the root causes, the HKMA enhanced know-your-customer (KYC) protocols, mandating stricter identity verification for account setups. These events prompted swift regulatory outcomes, including the introduction of mandatory two-factor (2FA) for e-wallet registrations and authorizations by early November 2018, as part of a refined process that incorporated bank-level 2FA alongside existing checks. The measures aimed to bolster user protection without disrupting FPS's overall functionality, with suspended services resuming under the updated safeguards later that month. This early response underscored the need for robust security in real-time payment ecosystems and set precedents for ongoing anti-fraud enhancements.

Recent Security Breaches

In May 2025, (Asia) launched an internal investigation into unauthorized transactions conducted via the Faster Payment System (FPS) from a client's account, resulting in a loss of HK$20,000. The incident involved multiple FPS transfers to an account at Ant Bank, reportedly under a name, with experts attributing it to compromised credentials likely obtained through or . The bank confirmed no irregularities in its systems but reported the matter to the and the (HKMA). Throughout 2024 and 2025, FPS-linked cases rose amid broader scam trends, including where scammers generate fake QR codes to divert payments. The HKMA noted a 11.7% increase in overall cases to 44,480 in 2024 compared to 2023, with online scams contributing significantly and total cybersecurity crime losses reaching HK$3.04 billion in the first half of 2025, a 15% increase year-on-year. Suspected rates in reached 6.2% in 2024, 15% above the global average, often involving FPS proxies like mobile numbers or email addresses embedded in QR codes. In response, the HKMA expanded the Suspicious Account Alert mechanism in August 2024 to cover banking and physical branch transactions, enabling real-time fraud blocks based on shared among institutions; by June 2024, it had issued over 655,000 alerts. Additionally, the HKMA has promoted AI-driven monitoring across the sector, including tools for fraud detection and identification, with operators like Interbank Clearing Limited (HKICL) integrating advanced analytics into FPS operations to enhance transaction oversight. While no major FPS outages were reported in 2024-2025, HKMA assessments highlighted rising cyber risks, including distributed denial-of-service (DDoS) attacks targeting financial , prompting updated guidance in April 2025 for institutions to bolster defenses against such threats. Phishing cases surged 108% year-on-year in 2024 to 7,811, with over 48,000 malicious links reported, representing a 150% year-on-year increase, underscoring ongoing vulnerabilities in real-time payment ecosystems like . In 2025, Hong Kong conducted the Cybersecurity Attack and Defence Drill, simulating threats to including payment systems like , to enhance sectoral resilience.

Adoption and Impact

Usage Growth

The Faster Payment System (FPS) in has experienced steady growth in user registrations since its launch. By the end of 2018, registrations exceeded 2 million. This figure rose to 13.6 million by the end of 2023. Registrations continued to increase to 15.8 million by the end of 2024. As of end-July 2025, the total reached about 17.42 million, and by end-August 2025, it had grown to 17.7 million, indicating sustained adoption amid expanding features like cross-border linkages. Transaction volumes have paralleled this user expansion, with average daily real-time Hong Kong dollar (HKD) transactions reaching 1.65 million in 2024. By early 2025, this metric grew to 1.98 million transactions per day, a 29% year-over-year increase, accompanied by a daily value of HK$15.7 billion, up 38% from the prior year. By August 2025, average daily real-time transactions reached around 2 million. These figures underscore 's role as a core for instant payments, with person-to-person () transfers forming the majority of activity due to their fee-free nature for most users. The launch of the Payment Connect initiative in June 2025, linking with China's Internet Banking Payment System, has driven notable growth in cross-border transfers. This connectivity enables real-time remittances up to HK$10,000 per day for Hong Kong residents to over 298 million accounts, boosting usage for personal and trade-related payments shortly after rollout. Adoption varies by demographics, with higher penetration among younger users. In 2024, approximately 84% of residents aged 25-34 reported using mobile payments, including FPS-enabled transfers, compared to lower rates among older groups. Overall, has achieved high penetration among customers by mid-2025, highlighting its integration into everyday financial habits.

Economic and Social Effects

The () in has delivered substantial economic benefits by streamlining payment processes and lowering transaction costs for businesses and consumers. Instant, 24/7 transfers via eliminate the need for traditional methods like cheques or wire transfers, which often incur fees and delays, resulting in efficient management and reduced administrative overheads. Furthermore, has bolstered the sector's growth, with 's —encompassing innovations—contributing approximately 24.9% to the city's GDP in 2023. In terms of , FPS has facilitated access for previously or underbanked individuals through integration with e-wallets and stored value facilities, allowing transactions using simple identifiers like mobile numbers or email addresses without requiring traditional bank accounts. This has driven widespread adoption, with over 90% of adults utilizing digital payments as of 2023, enhancing economic participation across diverse demographics. Socially, FPS has contributed to a marked decline in cash usage, fostering a more hygienic and efficient society post-pandemic. Concurrently, cross-border initiatives have enabled , low-cost transfers, supporting household stability and reducing reliance on expensive services. Despite these advances, challenges persist, including a affecting the elderly, who may struggle with technology adoption and face exclusion from digital-only services. To address risks, the (HKMA) has intensified fraud awareness campaigns, introducing tools like the Suspicious Proxy ID Alert and public education on to promote safer usage.

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