e-Wallets and Prepaid Cards

What are Stored Value Facilities?
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- 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).
- HKMA’s Supervision Aims to Ensure:
  - Safety and efficiency of the SVF operators
  - Protection of users’ float
  - Adequate security measures and internal controls to ensure the confidentiality and completeness of payment information
  - Compliance with the requirements on anti-money laundering and counter-terrorist financing
  - Proper handling of users’ complaints and enquiries
Smart Tips on Using e-Wallets and Prepaid Cards
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- 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.
- If you use e-wallets or prepaid cards run by operators not subject to the licensing regime of Hong Kong, your interest may not be protected.
- Read and understand the terms and conditions of the e-wallets and prepaid cards. Pay attention to fee schedule, privacy policy, and user rights and obligations. Enquire with the operator if need be.
- Manage your float wisely taking into account your planned usage.

How can Multi-purpose SVFs be Broadly Classified?
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- Broadly speaking, multi-purpose SVFs can be classified into physical ones (e.g. prepaid cards) and non-physical ones (e.g. e-wallets).
What SVFs are subject to the HKMA’s Licensing Regime, i.e. Need a Licence and subject to the HKMA’s Supervision?
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- 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.

Education Videos

Stored Value Facilities

Transcript (PDF File, 75.5 KB)

Stored Value Facilities (30-second version)

Transcript (PDF File, 72.0 KB)

Publicity Materials

Print Advertisement - Using Stored Value Facilities (Chinese only)

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Related Information

Speech(es)

R&M Column (Chinese only)

Quarterly Bulletin Article(s)

Enquiries on Stored Value Facility Regulation

If you have any enquiry regarding the regulation of SVF, please contact the HKMA.

Contact Details
Enquiry Line:	(852) 2878 1188
E-mail:	SVFComplaintEnquiry@hkma.gov.hk
Address:	55th Floor, Two International Finance Centre 8 Finance Street, Central, Hong Kong