Real-time gross settlement payment system in Hong Kong
Not to be confused with Faster Payments Service, a payment system in the UK.
Faster Payment System Chinese: 快速支付系統
Logo of Faster Payment System (FPS)
Other names
轉數快
Developer(s)
Hong Kong Monetary Authority
Initial release
17 September 2018; 5 years ago (2018-09-17)
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]
^"Implementation of a Faster payment System in Hong Kong" (PDF). Hong Kong Monetary Authority.
^"Why HKMA's new faster payment system is a big deal". EJ Insight. 2018-09-19. Retrieved 2018-10-13.
^"Hong Kong Plans Faster Payments System - PYMNTS.com". www.pymnts.com. 8 March 2018.
^"Hong Kong Monetary Authority - The Launch of Faster Payment System (FPS)". Hong Kong Monetary Authority.
^"FPS - Consumers - Overview". Hong Kong Interbank Clearing Limited.
^"Hong Kong's banking majors scrap it out as cashless payment system goes live". South China Morning Post. Retrieved 2018-10-13.
^"Hong Kong will take a huge step towards smart banking this week". South China Morning Post. Retrieved 2018-10-13.
^Yuen, Simon. "HSBC's Faster Payment System kicks off on 30 September". Marketing Interactive. Retrieved 2018-10-13.
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