The Faster Payment System (FPS) is a payment financial infrastructure introduced in 2018 by the Hong Kong Monetary Authority (HKMA) to enable instant payments in Hong Kong, providing consumers and merchants a safe, efficient and widely accessible retail payment service on a 24/7 basis. FPS offers individuals and businesses a new choice and experience for making payments in multiple currencies – Hong Kong dollar (HKD) and Renminbi (RMB) – in real time.
Recognizing the potential of FPS to become a new e-payment trend in Hong Kong, ISL collaborated with HSBC to launch the FPS QR Code Collection Function. Upon successful creation of a HSBC business account and application for HSBC Business Collect service, merchants can use ReportNOW to collect payments, send receipts and process refunds to customers.
Customers may pay bills at checkout by scanning the QR code on the merchant app supporting FPS, in order to instantly complete payments and transfer to the merchant's account. Through ReportNOW, merchants can effortlessly generate the real-time reports for viewing the payment status and sales for each transaction. A standard fee of 1.5% will be applíed per transaction for merchants.
Apply on or before 30 Jun 2021 to enjoy transaction fee waiver for the first 3 months.
*HSBC T&Cs apply
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