HSBC's Faster Payment System kicks off on 30 September

HSBC's personal and business customers can make real-time fund transfers to friends, families and business partners soon.From 30 September onwards, personal and business customers will be able to make real-time fund transfers to recipients 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 yet year round financial infrastructure in Hong Kong, enabling 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.“The Faster Payment System is a significant financial infrastructure that builds Hong Kong as aworld-class smart city with full connectivity," commented Diana Cesar, chief executive, Hong Kong, HSBC."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."Currently all HSBC Personal Internet Banking, Business Internet Banking and HSBCnet customers can log onto the above HSBC online banking channels or update their mobile banking apps to register FPS. For business customers, HSBC’s new solution, “Business Collect”, enables merchants to accept payments.According to HSBC. the first batch of pilot merchants includes Anglo Chinese Florist, Compass Group, Gold Joy Travel, GOGOVAN, Jetour Travel, Lalamove, Putien Restaurant, Satay King and Ztore.com.