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. FPS offers individuals and businesses a new choice and experience for making payments in multiple currencies – Hong Kong dollar (HKD) and Renminbi (RMB) – in real time.
 

Product Features:

◆Safe – designated system under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO)

◆24/7 real time retail payment service

◆Multiple currencies – HKD and RMB

◆Payments across different banks and stored-value facilities made possible

◆Direct debit payment authorized electronically