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 to be arranged based on actual needs

¹ The current service hours are from 7:00 AM to 11:00 PM daily.

Last revision date : 20 June 2025