About
FPS is Hong Kong's real-time interbank payment system, introduced by the Hong Kong Monetary Authority in September 2018 and operated by Hong Kong Interbank Clearing Limited (HKICL). It connects both banks and stored-value facility wallets, so money can move instantly, 24/7, between a bank account and an e-wallet using a mobile number or other proxy ID instead of an account number. Merchants accept it through a common FPS QR code and app-to-app checkout, in Hong Kong dollars or renminbi. Since June 2025 Payment Connect also links FPS with mainland China's IBPS. FPS had 12.81 million registrations as of August 2023.
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