Generate QR Code to receive payment via FPS
The Faster Payment System (FPS) is a payment platform that allows instant payment among individuals and merchants in Hong Kong. It provides 24/7 services, and is a safe, efficient and widely accessible payment gateway connecting banks and stored value facilities.
FPS provides a simpler, quicker way for money transfer across banks and stored value facilities. It is easy to use, simply pay by using mobile number, email address, FPS ID or by scanning a QR Code. The transfer is almost instant, and the service is available at 24/7. Most banks provide traceable transaction records and offer FPS services to personal banking for free.
Most banks allow FPS registration in their internet banking / mobile banking, and most e-wallet allows registration in their App. Please refer to the instructions provided by your bank / SVF.
Links to the setup procedure for some of the most commonly used banks:
Yes, same mobile number or email address can be registered in multiple banks / stored value facilities as FPS proxy. During the registration, you will be asked whether you would set the bank / SVF as the default for receiving payment. The default can also be changed to another bank / SVF later on.
For inward payment, most banks accept a maximum of 1 million HKD or RMB for each transaction, depending on the risk appetite of different bank. While for stored value facilities (commonly known as e-wallet), most e-wallet have a maximum top-up limit.
For outward payment, most banks require customers to have a setup of daily maximum limit. There's also a limit specifically for payment via QR code, and is usually associated with small-value transaction.
Please check with your bank on the details if you need further information.
Yes, it is generally safe to pay via QR code. When the payer use the FPS pay function to scan a QR code, the mobile banking app will ask the payer to verify the transaction, and will require an authentication before proceeding the transaction.
Traditionally, CHATS or RTGS (the two terms are used interchangably in Hong Kong) are used for local transfer among banks in Hong Kong, and it supports HKD, CNY, USD and EUR. Though RTGS stands for Real-Time Gross Settlement, it requires certain time in bank's internal processing and is not really processed at real-time. Also, it's with a charge to the customer. While FPS is able to support HKD and CNY transfer, the use of RTGS for these currencies have become much less than before.
Telegraphic Transfer, on another hand, is used mostly for international transfer, and will continue its services to support remittance to foreign countries.
Technically speaking, the generated FPS QR Code will only embed the information you input, such as your mobile phone number, your email address, FPS ID and transaction amount (if applicable), and the code will not be expired.
However, considering the code will be used for money transaction, users are recommended to check the QR code regularly, and ensure this may not be misplaced by another code.