Payment Connect

What is Payment Connect?

Payment Connect refers to the linkage of the Mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS).

With the joint support of the People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA), the linkage of the faster payment systems in the Mainland and Hong Kong has been implemented to support the provision of real-time cross-boundary payment services for residents and institutions in both places.

About IBPS

The Mainland’s Internet Banking Payment System (IBPS) is the faster payment system in the Mainland, built by the China National Clearing Center under the guidance of the People’s Bank of China. IBPS enables user to make real-time cross-bank retail payment transactions through the mobile banking or online banking of his/her bank. By using the system, user can handle cross-bank account management, fund transfer, fund consolidation and other services without leaving home, and obtain instant transaction processing results.

About FPS

The FPS is a payment platform on which banks and stored-value facility (SVF) operators are connected. It allows customers to make P2P transfers, top up e-wallets and shop online anytime, anywhere, thereby making payments simpler and faster.

Please visit the FPS website for more information. (https://www.hkma.gov.hk/eng/smart-consumers/faster-payment-system/ )

Key Features

P2P Remittance

	Northbound (Hong Kong to The Mainland)	Southbound (The Mainland to Hong Kong)
Eligible Payer	Hong Kong Identity Card Holder	The Mainland Identity Card Holder
Limit	Daily limit of HKD 10,000 per person, and annual limit of HKD 200,000 per person (for each participating institution) The limit is separate from the existing daily remittance limit of RMB 80,000 that applies to the same-name transfers	Follow the existing facilitative foreign exchange arrangement available for Mainland residents, subject to an annual quota equivalent to USD 50,000 per person
Documentary Proof Required	Nil (The payee is restricted to personal account holders only)	Nil
Service Hours	24x7	16x7¹
Types of Account Proxy Supported	(1) Mobile number (2) Bank account number	(1) Mobile number, email address and FPS ID (2) Bank account number

Remittance related to activities of daily living in the two places

Use Cases	Personal payment of fees, such as tuition fees, medical expenses and utility bills Business-to-personal remittances, such as salary disbursements Remittance on pilot basis, currently limited to pilot institutions, to be arranged based on actual needs. Please consult the receiving banks before making the payment

Note: Service are provided by participating institutions, and the functions and scope of coverage offered by each institution may vary. Additionally, some features may be introduced gradually over time. For example, Hong Kong payers can input a Mainland mobile number to transfer funds to the Mainland residents' accounts that have enabled cross-boundary fund receipt via mobile number. As for Mainland accounts held by Hong Kong residents, Mainland participating institutions are optimizing the relevant functions. Depending on the development progress, Mainland participating institutions will gradually roll out this feature. Please consult participating institutions for further details.

Participating Institutions

As of 22 June, 2025:

Hong Kong

Name of participating institutions²	Channels supported	Website links	Service enquiry hotlines
Bank of China (Hong Kong) Limited	(1) Mobile banking app (2) Internet banking	Link	+852 3988 2388
Bank of East Asia, Limited (the)	(1) Mobile banking app	Link	+852 2211 1321
China Construction Bank (Asia) Corporation Limited	(1) Mobile banking app (2) Internet banking	Link	(1) +852 2779 5533 (2) +86 40019 95533 (Mainland)
Hang Seng Bank, Limited	(1) Mobile banking app	Link	+852 2822 0228
HongKong and Shanghai Banking Corporation Limited (The)	(1) Mobile banking app (2) Internet banking	Link	(1) +852 2233 3033 (HSBC Premier Elite customers) (2) +852 2233 3322 (HSBC Premier customers) (3) +852 2233 3000 (Other Personal Banking customers) (4) +852 2748 8288 (HSBC Commercial Banking customers)
Industrial and Commercial Bank of China (Asia) Limited	(1) Mobile banking app	Link	+852 2189 5588

Mainland

Name of participating institutions²	Service enquiry hotlines	WeChat customer service
Agricultural Bank of China Limited	+86 10 95599	Please refer to Chinese version.
Bank of China Limited	+86 10 95566	Please refer to Chinese version.
Bank of Communications Co., Ltd.	+86 10 95559	Please refer to Chinese version.
China Construction Bank Corporation	+86 10 95533	Please refer to Chinese version.
China Merchants Bank Co., Ltd	+86 755 95555	Please refer to Chinese version.
Industrial and Commercial Bank of China Limited	+86 10 95588	Please refer to Chinese version.

Note: The information related to channels supported, website links, service enquiry hotlines, and WeChat customer service are provided by the bank concerned.

¹ The current service hours are from 7:00 AM to 11:00 PM daily, which may vary subject to individual Mainland participating institutions.
² Arranged in alphabetical order by the English name of the participating institutions.

Related Information

HKICL –Payment Connect

FAQs (HKICL – FPS) - Consumers

Press Release(s)