The Monetary Authority will develop a Faster Payment System to facilitate real-time payment services between merchants and customers, as well as peer-to-peer fund transfers.
Secretary for Financial Services & the Treasury James Lau told legislators today the authority is working with stakeholders to develop a system which allows banks and stored value facility operators to provide real-time credit transfer and direct debit services.
The system is expected to be launched in September and major retail banks and operators have indicated their interest in incorporating it.
Mr Lau said Hong Kong has a mature electronic payment ecosystem, adding electronic payments account for about 60% of total private consumption expenditure.
He added the authority will promote a wider adoption of QR code payment.
“To promote wider adoption of mobile retail payments as well as provide greater convenience to both merchants and customers, the Monetary Authority and the industry have established a working group on common QR code standard for retail payments.
“The working group will explore how to enable merchants to use a single QR code to accept payments from different stored value facilities.”