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What is The Fast Payment System(FPS,转数快) ​

What is FPS? ​

The Faster Payment System (FPS, 转数快) 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.

Traditional fund transfers require the payee's bank account number, but FPS supports payments made using the payee's mobile number, email address, FPS Identifier or HKID.

FPS also enables you with a QR code to receive payments (registration of FPS and activation of Mobile Security Key is required to generate the QR code).

You can also receive payments and transfers from institutions, corporates and the HKSAR government via your Hong Kong ID number.

Do I need to register for using FPS? ​

If a payee would like to receive payments with mobile number or email address, he or she has to register with the addressing service.

A payee can also receive payments with bank or e-wallet and account number without registering the addressing service of FPS .

How to register FPS (Addressing Service)? ​

  1. Customers choose an account to link up with mobile number or email address through internet banking, mobile banking or e-wallets
  2. Go through verification to confirm the mobile number or email address
  3. Customers may link up a mobile number or an email address with more than one bank or e-wallet and set one of them as default receiving account.
  4. From 6 December 2020 onwards, customers can also link up their HKID number to a bank account for receiving funds by registering through the online/mobile banking of banks.
    Given the HKID number is a piece of sensitive personal information, this new function is not intended for making person-to-person payments. It will only be used by institutions which already possess the HKID number of the recipients of the payments. Customers may register to use this account proxy depending on their needs.

How to send money with FPS ​

  1. Customers log on internet banking, mobile banking or e-wallets
  2. Input payee’s mobile number or email address (if payee has registered mobile number or email address for receiving payments)*
  3. Input payment amount, select default receiving account or another bank or e-wallet registered by payee
  4. Check payee’s masked name and confirm payment amount

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Customers may also transfer funds by inputting payee’s bank or e-wallet and account number.

Do I need to register with the FPS before I can pay Government bills through FPS? ​

No registration is needed.

You only need to enable the QR Code scanner of your mobile banking app or e-wallet, which supports Government bill payments through FPS QR Code, and then use it to scan the FPS QR Code printed on the Government bills to make payment.

References ​