Faster Payment System
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] FeaturesCheap transfersTraditional 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 codeParticipants 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] CurrenciesFPS supports payments in Hong Kong dollars (HKD) and Chinese Yuan Renminbi (CNY).[13] Notable participants
IncidentsOctober 2018After 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.[14] A 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
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