Faster Payment System (Hong Kong)

Faster Payment System is a real-time gross settlement payment system in Hong Kong that connects traditional banks and electronic payment and digital wallet operators. 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. Using the "traditional way" of full name and account number to make interbank transfer is also allowed.

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, round-the-clock and cheap way of transferring funds. HKMA has released a tool for merchants to convert QR codes from different payment providers into a single standard QR code. Currencies FPS supports payments in Hong Kong dollars (HKD) and Renminbi (CNY). == Notable participants ==

Notable participants

Traditional banks • Bank of China (Hong Kong) • Bank of Communications • Bank of East Asia • China Citic Bank International • China Construction Bank (Asia) • Chiyu Banking Corporation • Chong Hing Bank • Citibank (Hong Kong) • CMB Wing Lung Bank • Dah Sing Bank • DBS Bank (Hong Kong) • Hang Seng Bank • HSBC (The Hongkong and Shanghai Banking Corporation) • Industrial and Commercial Bank of China (Asia) • Nanyang Commercial Bank • OCBC Wing Hang Bank • United Overseas Bank • Shanghai Commercial Bank • Standard Chartered (Hong Kong) • ZA Bank Limited E-wallet operators • AlipayHK • Tap & Go (HKT Payment Limited) • Octopus Wallet (Octopus Cards Limited) • WeChat Pay HK • PayMe • BoC Pay (Bank of China (Hong Kong)) • 5D Pay (Yintran Group Holdings Limited) == Incidents ==

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 top up function of all e-wallets operators until the security issues were fixed. A few days later, it was revealed that more than 10 suspected cases were reported and the loss was surged to HKD 400,000. == See also ==

Source: Wikipedia ↗

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