Caixin
Dec 26, 2017 07:27 PM
FINANCE

Hong Kong Prepares Real-Time Retail Payment System

The Hong Kong Monetary Authority is leading a group that is developing common QR-code standards, which should expand the cashless payment system to more merchants. Above, a Hong Kong store displays Alipay and WeChat logos in October 2016. Photo: IC
The Hong Kong Monetary Authority is leading a group that is developing common QR-code standards, which should expand the cashless payment system to more merchants. Above, a Hong Kong store displays Alipay and WeChat logos in October 2016. Photo: IC

Hong Kong is preparing to launch a real-time retail payment service in September, the head of the city’s de facto central bank said.

The service, officially called Faster Payment System (FPS) and currently in use in the U.K., enables real-time or near-real-time retail payments, settlement and fund transfers between banks and nonbanks. Nonbanks include third-party payment-service providers that have secured licenses to offer prepaid services, such as Alipay and WeChat Pay.

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