17^th September 2018 – HSBC announced today that from 30 September 2018, personal and business customers will be able to make real-time fund transfers to their friends, families and business partners using accounts with HSBC or other Faster Payment System (“FPS”) participants in Hong Kong through FPS. Merchants and corporates will also be able to enjoy real-time settlement and streamlined reconciliation by displaying a QR code to accept payments.

FPS is a new, 24/7, year round financial infrastructure in Hong Kong that enables real-time credit transfers and direct debit services to facilitate peer-to-peer and business-to-business fund transfers, as well as customers’ payments to merchants.

Diana Cesar, Chief Executive, Hong Kong, HSBC, said, “The Faster Payment System is a significant financial infrastructure that builds Hong Kong as a world-class smart city with full connectivity. We are committed to delivering simpler, better and faster banking services to our customers. FPS brings convenience and saves time for consumers by enabling payments to be made anytime, anywhere, and contributes to the efficiency of businesses by making real-time settlement possible. This latest digital offering is set to revolutionise the payment ecosystem in Hong Kong, bringing unprecedented convenience and security to our daily fund transfers among friends and family, as well as the day-to-day operations of businesses.”

Starting today, all HSBC Personal Internet Banking, Business Internet Banking and HSBCnet customers can log on to the above HSBC online banking channels or update their mobile banking apps¹ to register FPS. Customers are required to select a designated Hong Kong Dollar (HKD) or Renminbi (RMB) bank account to link with their mobile number, email address or to request a FPS identifier. From 30 September 2018 onwards, internet banking customers can instantly transfer or make payments in HKD and RMB via FPS². It is free of charge³ for HSBC personal customers to send or receive funds via FPS.

For business customers, HSBC’s new solution, “Business Collect”, enables merchants to accept payments⁴ via FPS with real-time settlement. To make a payment, consumers can simply log onto the HSBC HK Mobile Banking app and scan the merchant’s specific QR code⁵. Once a transaction is completed, a payment confirmation will be sent to the merchant, with the amount settled and reconciled into the merchant’s bank account in real-time.

FPS provides an additional payment channel for merchants across various online and offline, face-to-face and bill payment scenarios. The first batch of pilot merchants to enjoy this new form of payment collection and reconciliation includes companies from different sectors and charitable organisations, such as Anglo Chinese Florist, Compass Group, Gold Joy Travel, GOGOVAN, Jetour Travel, Lalamove, Putien Restaurant, Satay King and Ztore.com.

With the launch of FPS, HSBC is set to enhance the everyday banking experience for personal and business customers.

Footnotes

1. The Android version of HSBC HK Mobile Banking app used by personal customers will be released soon.
2. Customers can receive funds by using bank account, mobile phone number, email address or FPS identifier after FPS launches.
3. There is no charge for personal banking customers to transfer money from their HSBC accounts to other banks’ accounts, or receive money from other banks’ accounts via FPS. Other banks may have different charging policies.
4. “Business Collect” can receive payments from HSBC and other banks as long as the mobile banking app can support QR solution.
5. This function is only available on compatible devices and with Mobile Security Key and small value payment limit activated.