The Faster Payment System (FPS) launched in September 2018 making Hong Kong the latest Asian market to launch an interoperable real-time consumer payments system, following India, Singapore and Thailand. The Faster Payment System (FPS) is a payment financial infrastructure introduced in 2018 by the Hong Kong Monetary Authority (HKMA) and operated by Hong Kong Interbank Clearing Limited (HKICL) to enable instant payments in Hong Kong, providing consumers and merchants a safe, efficient and widely accessible retail payment service on a 24/7 basis. Similar to the retail real-time payment systems in India, Singapore and Thailand, Hong Kong's FPS enables interoperable payments between banks and stored-value facilities using simplified account addressing based on FPS user IDs, mobile phone numbers or email addresses, rather than bank account numbers. A QR code standard for retail payments, and an associated app, enables retailers to display a single QR code for accepting real-time payments. In October 2018, the FPS processed a total of 1.58 million transactions amounting to HK$33.3 billion.
Find out how Asia is pioneering the development of retail real-time payment systems and why they mark the beginning of a new era in consumer payments and digital commerce!