450,000 Hong Kong bank customers to benefit from instant QR-code-based money transfer system from Sunday
Faster Payment System marks huge step towards making the city a cashless society, say Monetary Authority officials
More than 450,000 bank customers will be able to transfer money, shop and pay bills by scanning Quick Response (QR) bar codes from Sunday (Sept 30), via a new Hong Kong Monetary Authority (HKMA) platform which marks a milestone for the city as it moves ever-more towards becoming a cashless society.
Norman Chan Tak-lam, HKMA’s chief executive launched the new initiative at a ceremony on Friday, hailing the system “unique”, as it will become the world’s only one able to support both Hong Kong dollars and mainland Chinese renminbi.
“After its full launch, the Faster Payment System [as it is being called], will operate around the clock, is simple, secure and free of charge for small-value transfers,” he added.
The new platform is a key project within wider HKMA plans to globally promote the city’s burgeoning fintech sector.