Stored Value Facilities (SVFs) refer to facilities which can store monetary value, and can be used as a means of payment for goods and services and/or to another person (i.e. P2P payments).
The Monetary Authority is responsible for the licensing and supervision of SVF in Hong Kong under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO).
Each Stored Value Facility (SVF) licensee has a unique licence number - check the Register of SVF Licensees if needed.
Keep your e-wallets and prepaid cards as well as passwords safe.
Do not disclose confidential information.
Be mindful of unauthorised transactions – check your transaction record.
Manage your float wisely taking into account your planned usage.
Broadly speaking, multi-purpose SVFs can be classified into physical ones (e.g. prepaid cards) and non-physical ones (e.g. e-wallets).
Multi-purpose SVFs, i.e. facilities that can store value and be used as a means of paying for goods or services provided by the issuer as well as by third parties who are willing to accept them for payment, and/or make P2P payments, are subject to the licensing regime of the HKMA.
Single-purpose SVFs, i.e. facilities that can only be used to pay for goods or services provided by the issuer, are not subject to the licensing regime of the HKMA. It is essentially a contractual agreement for prepayment between the user and the issuing institution.
Payment means with no stored value function, such as credit cards and Apple Pay are not subject to the SVF licensing regime administrated by the HKMA.
If you have any enquiry regarding the regulation of SVF, please contact the HKMA.
|Enquiry Line:||(852) 2878 1188|
|Address:||55th Floor, Two International Finance Centre
8 Finance Street, Central, Hong Kong