To address the increasing market needs for more efficient retail payment services, the HKMA has launched the Faster Payment System (FPS) on 17 September 2018. All banks and e-wallet operators in Hong Kong can participate in the FPS. The FPS enables their customers to make cross-bank/e-wallet payments easily, by entering the mobile phone number or the email address of the recipient, with funds available to the recipient almost immediately. The FPS operates on 24x7 basis and supports payments in the Hong Kong dollar and the renminbi.
Please visit the FPS website for more information.