Faster Payment System

Short description: Real-time gross settlement payment system in Hong Kong

Logo of Faster Payment System (FPS)

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]

## Contents

* 1 Features
* 1.1 Cheap transfers
* 1.2 Payment by QR code
* 1.3 Currencies
* 2 Notable participants
* 2.1 Traditional banks
* 2.2 E-wallet operators
* 3 Incidents
* 3.1 October 2018
* 4 See also
* 5 References
* 6 External links

## 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

* 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)
* (TNG Wallet HK)

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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

1. ↑ "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.
2. ↑ "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/.
3. ↑ "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/.
4. ↑ "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.
5. ↑ "FPS - Consumers - Overview". Hong Kong Interbank Clearing Limited. https://fps.hkicl.com.hk/eng/fps/consumers/overview.php.
6. ↑ "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. ↑ 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.
8. ↑ 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/.
9. ↑ "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/.
10. ↑ "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.
11. ↑ "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.
12. ↑ "The Launch of Faster Payment System". https://www.info.gov.hk/gia/general/201809/17/P2018091700743.htm.
13. ↑ "Faster payment system launched in September" (in en-US). The Standard. http://www.thestandard.com.hk/section-news.php?id=193491&sid=2.
14. ↑ "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.
15. ↑ "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.

## External links

* v
* t
* e

Interbank networks by region

Worldwide|

* Cirrus
* Plus

Africa|

* 123
* Multicaixa

Asia|

* 1LINK
* ALTO
* atm5
* ATM Bersama
* BancNet
* Banks ATM Network and Customer Services
* Cashnet
* CashTree
* Clearing House Automated Transfer System (CHATS)
* Dutch Bangla Bank Nexus
* Encash Network Service
* Electronic Payment Services (EPS)
* EZ-Link
* Faster Payment System (FPS)
* Isracard
* JETCO
* LankaPay
* Link
* MEPS
* MEPS+
* MITR ATM Sharing Network
* MNET
* MyClear
* National Financial Switch
* Nationlink
* NETS
* PRIMA/ATM BCA
* RuPay
* Saudi Payments Network
* Shetab Banking System
* SLIPS
* The Benefit Company
* Treats/ATM BNI
* UnionPay
* Yucho

Europe|

* 4B
* Allied Irish Banks Banklink
* Bancomat
* Eufiserv
* Euro 6000
* Euronet Worldwide
* Girocard
* Bankcard-Servicenetz
* Cash Group
* CashPool
* Groupement des Cartes Bancaires CB
* LINK
* Multibanco
* Otto.
* Sbercard
* Servired
* Single Euro Payments Area
* Vocalink
* Zolotaya Korona

North America|

* Abby
* Accel/The Exchange
* Acculink
* Alberta Regional Network
* Allpoint
* Armed Forces Financial Network
* ATH
* CarIFS
* CO-OP Financial Services
* Discover Network
* Pulse
* TYME
* FIS's
* NYCE
* SUM
* Interac
* Interlink
* Jeanie
* MoneyPass
* Presto!
* SHAZAM
* STAR
* Alert
* BankMate
* Cactus
* Cash Station
* Explore
* Honor
* Money Access Center
* Via
* MOST

Oceania|

* EFTPOS

South America|

* Banco 24 Horas
* Banelco
* A Toda Hora
* Banred
* GlobalNet
* Redbanc
* Suiche7B

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