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The Faster Payment System (FPS) is a payment financial infrastructure that was introduced in 2018 by the Hong Kong Monetary Authority (HKMA) and is operated by Hong Kong Interbank Clearing Limited (HKICL). It allows users to make instant payments by using a mobile phone number, an email address, or a QR code as a proxy for the bank account or e-wallet. The FPS connects banks and e-wallet operators in Hong Kong, providing consumers and merchants with a safe, efficient, and widely accessible retail payment service.
Some of the benefits of using the FPS are:
It is fast and convenient: You can send or receive money anytime, anywhere, with just a few clicks on your mobile device. You do not need to enter the bank account details of the recipient, just their mobile phone number or email address. You can also use the FPS app-to-app or web-to-app payment function to pay directly from your e-wallet or online banking app without leaving the merchant's app or website. It is low-cost and transparent: You can use the FPS for free or at a low fee, depending on your bank or e-wallet operator. You can also check the fees and exchange rates before you confirm your payment. The FPS uses the real-time exchange rate provided by the HKMA, which is close to the market rate. It is secure and reliable: The FPS adopts international security standards and encryption technologies to protect your personal and transaction information. The FPS also has a robust system design and backup mechanism to ensure smooth operation.
Some of the benefits of using the FPS are:
It is fast and convenient: You can send or receive money anytime, anywhere, with just a few clicks on your mobile device. You do not need to enter the bank account details of the recipient, just their mobile phone number or email address. You can also use the FPS app-to-app or web-to-app payment function to pay directly from your e-wallet or online banking app without leaving the merchant's app or website. It is low-cost and transparent: You can use the FPS for free or at a low fee, depending on your bank or e-wallet operator. You can also check the fees and exchange rates before you confirm your payment. The FPS uses the real-time exchange rate provided by the HKMA, which is close to the market rate. It is secure and reliable: The FPS adopts international security standards and encryption technologies to protect your personal and transaction information. The FPS also has a robust system design and backup mechanism to ensure smooth operation.
