Hong Kong Is Activating A Fast Instant Payment System

The latest crypto news show Hong Kong as one of the countries in the focus lately, this time for pivoting into the fintech space and activating its new retail payments upgrade that will work 24/7 and foster improved payments.

Dubbed the Faster Payment System (FPS), the new platform will operate in real-time and be open all of the time in order to connect banks with stored-vault facility (SVF) operators, according to the Hong Kong Monetary Authority (HKMA).

In simple words, this platform will allow residents of Hong Kong to transfer funds in real-time across banks and SFVs that are participating in the system – by using their mobile number or email address rather than their bank accounts, with added support for QR codes.

The FPS will support the Hong Kong Dollar (HKD) as well as China’s fiat currency Renminbi (RMB) for settlements in the mainland. In order to propel adoption, the HKMA outlined how the Common QR Code Standard will work for retail payments, all through a free mobile app named Hong Kong Common QR code (HKQR).

This app will convert multiple QR codes from different payment providers to a single and combined QR code that will better facilitate payments among merchants, small as well as medium enterprises (SMEs) and the public, accepting payments with a single code.

A central bank executive also revealed that the service will be free for small-value transfers. As he announced:

“We can enjoy an instant payment service which is round-the-clock, simple and convenient to use, robust and secure, with full connectivity while supporting both the Hong Kong dollar and the renminbi. It is also free of charge for small-value fund transfer.”

The complete list of participants and entities joining the platform can be found here. Also, the news comes at the perfect time for Hong Kong, considering the government’s recent efforts to attract blockchain professionals with friendlier immigration policies in order to boost the country’s economic development by investing in the job marketplace.

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