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]

Not to be confused with Faster Payments Service, a payment system in the UK.
Logo of Faster Payment System (FPS)

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]

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

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]

gollark: To save you from problems they're withheld until I can recalculate safe ones.
gollark: My guesses accidentally contained a proof of the inconsistency of arithmetic.
gollark: No, it's because I'm everyone's alt and I have an IQ of 205 octillion.
gollark: None are safe, broadly speaking.
gollark: Compute the main and variance then multiply and add until you get back to the definition of IQ.

See also

References
  1. "Implementation of a Faster payment System in Hong Kong" (PDF). Hong Kong Monetary Authority.
  2. "Why HKMA's new faster payment system is a big deal". EJ Insight. 2018-09-19. Retrieved 2018-10-13.
  3. "Hong Kong Plans Faster Payments System - PYMNTS.com". www.pymnts.com.
  4. "Hong Kong Monetary Authority - The Launch of Faster Payment System (FPS)". Hong Kong Monetary Authority.
  5. "FPS - Consumers - Overview". Hong Kong Interbank Clearing Limited.
  6. "Hong Kong's banking majors scrap it out as cashless payment system goes live". South China Morning Post. Retrieved 2018-10-13.
  7. "Hong Kong will take a huge step towards smart banking this week". South China Morning Post. Retrieved 2018-10-13.
  8. Yuen, Simon. "HSBC's Faster Payment System kicks off on 30 September". Marketing Interactive. Retrieved 2018-10-13.
  9. "Faster payment system pushes HK towards cashless society". EJ Insight. 2018-10-05. Retrieved 2018-10-13.
  10. "Transfer funds between Alipay and WeChat – but only in Hong Kong". South China Morning Post. Retrieved 2018-10-13.
  11. "450,000 Hong Kong customers register for new QR-code-based banking platform". South China Morning Post. Retrieved 2018-10-13.
  12. "The Launch of Faster Payment System". www.info.gov.hk. Retrieved 2018-10-13.
  13. "Faster payment system launched in September". The Standard. Retrieved 2018-10-13.
  14. "Hong Kong halts e-wallet auto topups after users reports of missing funds". South China Morning Post. 2018-10-26. Retrieved 2018-10-27.
  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. Retrieved 2019-01-14.
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