Statistics of the Faster Payment System in the first month of operation

The Hong Kong Monetary Authority (HKMA) announced today statistics of the Faster Payment System (FPS) for end-October 2018.

Since the launch of the FPS on 17 September 2018, the FPS has recorded a total of 1.59 million registrations (Note 1) comprising:

-       1.115 million records of mobile numbers

-       253,000 records of email addresses

-       223,000 records of FPS Identifiers

In the first month of operations (1/10/2018 – 31/10/2018) (see Annex), the FPS has processed a total of 1.58 million transactions, including 1.56 million transactions denominated in Hong Kong dollar which amounts to HK$33.3 billion. Out of the HKD transactions, 828,000 transactions (HK$2.4 billion in value) were transfers made by personal customers through an account proxy (including mobile number, email address and FPS ID).  Another 608,000 transactions (HK$17.9 billion in value) were transfers using account numbers, including mainly transfers to registered payee account set up previously at internet or mobile banking which were now effected through the FPS.

The monthly statistics on the FPS will be released through the Monthly Statistical Bulletin of the HKMA and the FPS website (Note 2) in the future.

Hong Kong Monetary Authority
6 November 2018

Notes:

1.  A user may have more than one registration with the FPS, as he/she may register the use of more than one account proxy, and more than one account when using mobile number or email address as the account proxy.

2.  https://fps.hkicl.com.hk/eng/fps/about_fps/statistics.php