Hong Kong will take a huge step towards smart banking this week with introduction of no cost, immediate interbank fund transfers

A new payment system that will allow free real-time fund transfers among platforms such as PayMe, Alipay and WeChat Pay will be launched as scheduled on Monday, according to the Hong Kong Monetary Authority (HKMA).

The faster payment system, an infrastructure project under development by the HKMA with banks for more than a year, will enable immediate fund transfers. Customers need only register the email address or mobile number of the person getting the money.

Currently, transfers among different banks take two or three days and may entail interbank transfer charges of as much as HK$200 (US$25.50).

A spokeswoman for the HKMA said the launch would go ahead even as business activity was expected to be disrupted by a typhoon warning.

“As [Severe Typhoon] Mangkhut was approaching, the HKMA had considered whether to delay the launch of the faster payment system. However, the clearing house and the connectivity of the banks have been in progress. A ­delay may create more technical problems. As such, the system will be launched as planned,” the spokeswoman said.

However, a planned ceremony dedicated to the launch would be cancelled, she added.